Quote of the day comes from Greg Larsen, a spokesman for the California Financial Service Providers Association, a trade group of check-cashers and payday lenders. When interviewed by SF Public Press, Larsen said using an APR was an “apples to oranges” measure of the cost of a payday loan.

“People don’t use the product for 52 consecutive weeks,” he said.

Industry spokesman Larsen said consumers, when allowed a choice among a range of financial options, “will always find the credit that is the most cost effective.”