I am basing my views on my understanding of the Bible. There may be differences of opinion on how God’s laws can or should be applied in modern days, but be careful before ridiculing something you do not understand because you may end up calling God a liberal.
Here are a few relevant passages:
Exodus 22:25
If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.
Deuteronomy 23:19
You shall not charge interest to your brother—interest on money or food or anything that is lent out at interest.
Matthew 25:27
So you ought to have deposited my money with the bankers, and at my coming I would have received back my own with interest.
A healthy economy is not based on debt or the exploitation of people who are weak or vulnerable.
I personally do not believe lending at an interest rate that generates a profit to be immoral, but there is some point at which these lenders are exploiting people.
While this is simply my opinion, I am part of we the people who does have a voice, and the counterarguments are also just opinions. I think short term emergency type loans should have interest rates capped. To me somewhere between 30 and 50% APR including processing fees should be enough for lenders to make high risk loans or it is a business that should not exist.
This is probably something that should be set at the state or community level though. I do not trust the federal government with regulating almost anything.
I believe these Biblical references relate to dealings with people who are poor because of some kind of misfortune related to the human condition. I don't think any ancient culture could even imagine the kind of dysfunction that is commonplace today.
I think it's also important to note that these "predatory lenders" are not large financial institutions. Think about that for a moment: Even companies like Bank of America and JP Morgan Chase wouldn't lend money to these people at those interest rates.