Hard to tell.  From the Las Vegas Review Journal:

Community One Federal Credit Union offers a similar program to help members who have borrowed from payday lenders. Community One offers 30-day loans for $300, $500 and $700 with a fee of $15 per $100 loaned and an 18 percent annual interest rate, or about 1.5 percent for the 30-day loan period.

About 2 percent of Community One’s 21,000 members take out a PayDayCHOICE loan occasionally, said Jerrold Rosen, vice president of marketing.

To qualify, a member must have $1,000 in monthly income, must have been employed continuously over the past six months and be 18 or older. The program is available to individuals with direct deposit of checks after 30 days of membership.

To get an AdvancPay loan from Nevada Federal, the borrower must be employed and must not be in default on an existing payday loan. The credit union doesn’t do a credit check.

It’s a 30-day loan with both fees and interest so the Payday Pundit is having trouble doing an apples-to-apples comparison in his head.  Maybe I haven’t had enough caffeine yet.

From the Alexandria Gazette:

THE NEW TAXES and fees created about $18 million in new revenue, and Hartmann’s cost-saving measures created about $2.3 million in spending reductions. Yet one potential new source of revenue was delayed Monday night. Councilman Justin Wilson’s proposal to raise taxes on payday lenders and car-title lenders, which he called “predatory lending institutions,” was put on hold after several industry representatives publicly threatened a lawsuit if the City Council decides to move forward with the plan. Although council members did not vote on this particular ordinance last night, the budget includes the new revenue from the tax and spending line items include funding for the financial literacy programs that Wilson’s plan suggested.

“We don’t want to get involved in a lengthy legal fight that will swallow up all the potential new revenues,” said Wilson. “So rather than saying ‘damn the torpedoes, full speed ahead’ we are going to see if we can have a meeting of the minds with the industry.”