On-Line Poker, Illegal In The US; Borrowing Money On-Line, Legal

From Plain Green Loans.com.

Verbatim, cut and paste from the linked site (at the very bottom of the site):

First-time Plain Green Loans customers typically qualify for an installment loan of $250 to $1,000 with an APR of 299.17% to 378.95%, or 40% less than the average 603.84% APR for a payday loan. 

For example, a $700 loan from Plain Green Loans at 364.00% APR would require 14 bi-weekly installment payments of $116.63. After the 14th successful payment, your loan would be paid in full.

A typical payday loan of $700 with an APR of 603.84% and a fourteen (14) day term would require one payment of $862.29. Typical payday loan pricing is based on Texas-originated loans facilitated by credit service organizations such as CashNet USA® (664.30%), ChecknGo® (661.77%) and MyCashNow (485.45%) as of August 31, 2012.

Wow, a Plain Green Loan is 40% less than the average 600% APR payday loan.

Something tells me this issue is not addressed in the Dodd-Frank banking bill whose theme seems to be that publicly traded banks are taking advantage of uneducated borrowers, savers, and lenders.

But who knows? Only 133 of the 398 rules of Dodd-Frank have been finalized. Maybe there will be some restrictions placed on interest rates charged for on-line loans.

And to think on-line poker is illegal in the US!