Hi,
The maximum TN law allows is 17%. Most of the payday loan companies I know of , for competitive reasons, charge something less. (Competition is tough in the payday business) When a person goes to get a mortgage they check around for who has the best rates. People need to do the same with payday loans. Deals can be found. I let new, first time customers borrow money on their first loan for free. Borrow $200 pay back $200. All I ask is they pay it back ON TIME. If they cannot pay back a free loan on time, I think twice about continuing to do business with them. Sometimes I offer deals out of the blue, get a loan on a particular date (say June 27th) get half off on a 2 week loan.
Its all the extra fees that add up. You sound up and up, but there are many shysters in your field. Seen them up close.