A Mexican billionaire, who provides payday loans, Ricardo Salinas Pliego, wants to bring his venture to New York City.  Mr. Salinas owns Banco Azteca and would need a charter from the state legislature to open in NYC.   State law prohibits lenders from charging more than 25% APR.

Mr. Salinas said that the high rates are necessary for small loans.  His loans in Mexico average $400.  He said the rates are inescapably higher because the administrative costs are the same whether the loan is $400 or $40,000.

He is estimated to provide the short term, or payday loans, to over 9,000,000 consumers in Mexico; the majority of which he collects from on motorcycle. 
He went onto explain that what the “do-gooders” don’t understand is that just because you outlaw a practice does not mean it goes away.  He said banning the short term loans in Mexico would result in people going to loan sharks or other such illegal entities for the money.

There was no word on whether he would collect from customers in NYC on motorcycle.  We’re guessing not.