I pulled this information from the net for Seattle

* Your loan will be due on your next payday that falls between 8 to 31 days away.
* If you are paid by paper check, we will give you a grace period of 1 day to deposit your check.
* If you are paid monthly, your loan will be due on your next payday that falls between 8 to 31 days away.
* If your pay dates fall outside of these ranges, your loan will be due in 14 days.

Maximum Loan Amount

The maximum loan amount for Washington residents will be $700.00.
Extensions

In accordance with Washington law, your loan must be paid in full on the due date. Early payoff requests must be received at least 2 business days prior to your due date.
Fees and Charges

Your loan fees will be $15.00 per $100 borrowed for the first $500 borrowed and $10.00 per every additional $100 borrowed.

My bold A 15% return on your money in 31 days? So in 10 months a 150% return on your money not counting the default rate of course.
This tax by banks falls mostly on the poor as the banks get a tax payer bailout.
How about a 5% return in 31 days?
I bet that would boost the economy or is who ever is behind the payday loan companies in trouble and they can’t survive without it?

Grameen’s track record has also been notable, with very high payback rates—over 98 percent. However, according to the Wall Street Journal, a fifth of the bank’s loans were more than a year overdue in 2001.[21] Grameen claims that more than half of its borrowers in Bangladesh (close to 50 million) have risen out of acute poverty thanks to their loan, as measured by such standards as having all children of school age in school, all household members eating three meals a day, a sanitary toilet, a rainproof house, clean drinking water and the ability to repay a 300 taka-a-week (around 4 USD) loan.[22]

Lets Assume the WallStreet Journal is right 1/5 of loans over due for a year, lets assume that Grameen is only half right and only a quarter of the people are lifted out of Poverty.
The question I am asking is what is cheaper then, having those people on Welfare or a Microfianance Bank Loan program that lifts a 1/4 of the people who participate out of poverty?
What is better for the economy and us tax payers in general?
Anyone who has numbers on welfare programs and microloans please comment I wish to write more on this.
Or feel free to write yourselves and use my research.