Payday Loan Calculator - A Ripoff Any Way You Look At It

I actually received an e-mail from the Texas Senate Committee on Business & Commerce looking for a simple payday loan calculator to post on a site they were developing. Being a fan on on-line calculators, and not a fan of payday loans, that sounded like a fun little project to do. I took my old "Find the Missing Value" calculator, and modified it a little so that now it is adapted more for the common payday or auto title loans where you pay a flat fee to receive an advance on your paycheck for a certain number of days. Using a typical $17.50 per $100 loaned amount (from Consumers Union) if this amount is over a 14 day bi-weekly work period, it would amount to an annual interest rate of 422.8%. In today's market with record low mortgage rates, that is a pretty staggering percentage. Obviously the Texas Senate Committee on Business & Commerce thinks so too!

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