They're marketed under a different name, but a handful of major banks
already let customers borrow against their paychecks for a fee. And there
are signs the option may soon become more widely available.

Specifically: Fees that amount to triple-digit interest rates, short
repayment periods and the potential to ensnare customers in a cycle of debt.

With a traditional payday loan, for example, a customer might pay $16 to
borrow $100. If the loan is due in two weeks, that translates into an annual
interest rate of 417 percent.

http://www.google.com/hostednews/ap/...d0ab3933500769

I thought loan sharking was illegal.

Best Regards

Tom.