Responding to the “South Carolina update” below:

Payday lending is thriving in NV, where there is a loan cap of 25% of the borrowers monthly gross. It is a reasonable cap. You need to be grossing $2000 a month to borrow $500. The restriction is intended to ensure the borrower has the ability to repay (which a good lender would do on their own, but we all know not all lenders were created equal).