Payday loans carry an annual interest rate of 391 percent and are so difficult to pay off that many borrowers end up paying more in interest than they originally borrowed. The average borrower pays back $800 for a $300 loan, a loss of $500 that goes purely toward interest. Twelve million Americans are caught in the trap every year. Make 400% interest illegal. Ask your members of Congress to support a 36% cap on annual interest for consumer loans.