Which he hates, by the way. His startup failed and this is the job he took in the mean time to pay the bills.

However: he says that the crazy effective APR's you see - 600% or whatever - actually are legit. That's the appropriate number per the underwriting because of the ludicrously high default rate. Payday loans are basically a commodity product - companies compete on cost and they're not making a huge margin.

However however: he also says that while the product is not nearly as bad as reported, the marketing is actually much worse. They basically bully people into taking and re-upping loans, fail to disclose important details, etc. etc. etc.

No particular point, just some information from someone on the inside.