>>- they could offer better rates and more consumer-friendly terms so they'd put the real scumbags out of business
>>
>>- at the time I believe they offered small amounts for short terms for free - to help out those people with short-term emergencies, arguably one of the sole use cases for payday loans. Looks like they still have a "free" offer: https://www.moneymart.ca/free?intcid=200loan_masthead , not 100% sure what "free" means these days. The fine print on that page is enlightening :(
>>
>>I imagine MM makes money from its payday loan business but it's somewhat interesting that (if true) their justification in entering that business was, basically, harm reduction.
>
>Their website says this:
>[Alberta residents: The APR on a $300 loan for 14 days is 599.64% on a rate of $23 per $100 borrowed.] [British Columbia residents: The APR on a $300 loan for 14 days in BC is 521.17% at Money Mart’s cash repayment rate of $19.99 per $100 borrowed, and 599.64% at the regular rate of $23 per $100 borrowed. BC Payday License #49839 (in store) and #62477 (online).] [New Brunswick residents: The APR on a $300 loan for 14 days is 547.50% on a rate of $21 per $100 borrowed.] [Saskatchewan residents: The APR on a $300 loan for 14 days is 599.64% on a rate of $23 per $100 borrowed.]
>
>...so looks to me like they're at roughly 600% interest rate. THAT's supposed to be the shining light of of morals? geeeze.

If in todays interest rate structure such interest rates exist for long, the number of people paying back without the need of further action is tiny - otherwise other smart money would have jumped at such returns. The normal system either allows many of thse lenders to disappear or offers them loopholes / makes collecting too difficult or expensive.