Short-term lenders charging $15-$20 per $100 (15%-20% fee) are a lot more economical than the average bank or credit union, (according to an FDIC national study) charging $27 plus interest on an average $36 overdraft (75% fee).

But just for the sake of argument, let's compare the annual percentage rates the way CRL and its allies do. A $15 per $100 short-term lender fee has an APR of 391%, however this rate is unattainable because rollovers are already not permitted in most states.

However, several divisions of CRL's parent organization, SELF-HELP CREDIT UNION, market overdraft lines of credit in North Carolina.

A customer paying the required $25 monthly fee to access this $100 line would be paying the equivalent of 651% in Annual Percentage Rate Interest if they used the full line once and repaid in 14 days – higher if they borrowed less. That customer would pay more than 3,000% APR if they paid the line back in 3-4 days.

Which product seems like a better option for consumers….I'll let your readers decide.

By the way, according to OpenSecrets.org, credit unions like Self-Help spent more than $6 Million lobbying last year and Self-Help, CRL's parent company spent hundreds of thousands of the past few years.

So Mary, let's try working off a level playing field.

The real issue here is consumer choice and credit access. Sure, payday lenders lobby in support of their interest, but they do so because they know they provide a valuable service to consumers in need.

Payday advances are two week, not annual loans. For each $100 advanced, customers pay a typical fee of $15-$17. Because payday loans are two-week loans they cannot be offered at the same annual rates as annual credit products such as credit cards, auto loans and home mortgages. The only way to reach the much-hyped triple digit APR is to take out one advance and continue to renew the same advance every two weeks for an entire year. State laws and industry best practices do not allow this to happen.

At a 36% APR, the total fee charged on a $100, two-week advance would be $1.38. Payday advance lenders could not cover the cost of originating a loan, let alone meeting employee payroll and benefits and other fixed business expenses. An annual interest rate cap of 36% would result in the elimination of an affordable credit choice for consumers.