By Elliott D. Petty

They've been a scourge on poor communities for years.  Typically called cash advance centers, the predatory lending industry if negatively filling the gap where mainstream banks and other financial institutions refuse to go mostly because of stereotypes. 

Payday loans are small loans that a borrower promises to repay out of his or her next paycheck, typically in two weeks.  A $100 loan might carry a fee of $15.  That's a whopping 15% interest rate.

Consumer advocacy groups are highly critical of these loans because when the fees are annualized, they often amount to triple-digit interest rates, more than 1,000 percent in some cases.

For years, community leaders and elected officials have tried to come up with all sorts of policies to limit their ability to locate and set up shop.  But they usually find loopholes that allow them to roll in and do a considerable amount of business.

The state of Georgia in 2004 banned them altogether and other state legislatures are considering some form of restrictions.

The national trade association for payday lenders is planning to spend $10 million for an advertising campaign that it says is intended to educate people on how to use such loans wisely.