Who here hasn't been a bit short before payday?

Jacob Ayrton of Calgary took out a payday loan of $500. Two weeks later he owed Payroll Loan Canada $606.32 (a $95 "brokerage fee" and 59% interest for a whopping 15,000% per annum charge.) Yesterday, an Alberta judge certified a class-action suit against so-called payday lenders with Mr. Ayrton as lead complainant. "These companies really exploit people who are vulnerable," said his lawyer. A fast-growing franchise opportunity for investors, payday loan operations are facing increased scrutiny in Canada and the U.S. (NC, NV, IL.) [from MetaFilter.com]