Rachel Robson of LoveMoney.com is one of those payday loans critics that seems to have it all together, but is completely off her rockers. Her blog post today about payday loans is a perfect example of what is wrong with critics of this industry.

But don't take my word for it, read her very own words under the heading "The Catch" from her blog post:

"Typically, you'll find that lenders charge you around £25 for each £100 you borrow. Now you might think that paying this amount doesn't sound too bad. But let's say you decided to borrow £500. The total amount repayable would be £625! That's an interest rate of 25% for just one month, and it's equivalent to an APR of 1,737%! Horrendous!"

That's not to mention that she named the blog post "Payday Loans are Devils in Disguise." Obviously she doesn't think very highly of the industry. And obviously she is completely insane, or at least she appears to be mentally handicapped in some way.

First, I'm not sure how they do math across the pond there, but last time I checked, a year consists of 12 months. Now if you pay 25% each month, times 12 months, is that anywhere near 1,737%? Try 300% APR. That should be obvious to anyone with more education than the average chimpanzee.

But my favorite part is when she says "you might think that paying this amount doesn't sound too bad." Now why would I think that do you think? Could it be because paying someone $125 to borrow $500 isn't that bad? If I need $500 now, and you give me one month to pay that back, tacking on an additional 25% seems very reasonable to me.

But for some reason we are to believe that this translates to some kind of astronomicaly APR? Does she not realize she has just defended payday loans? The actual amount you pay is NOT bad at all! It's when you foolishly measure a one month loan in terms of annual interest rates that things look bad. How could that be?!

Should I measure my shoe size in kilometers? My height in miles? Should I measure the distance to the sun in centimeters? Of course not, these are all silly proposals. That's because there are better ways to measure shoe sizes, hieght and extremely long distances.

So why not measure the ONE MONTH loan in terms of ONE MONTH? This isn't rocket science. After one month when the loan is due, the loan amount you borrowed is due back plus 25%. Now I'm not a math genius like Robson by any means, I mean, I went through American public education, but I think 25% is not a lot to pay in interest.

The best thing here is that she actually gives alternatives. First, she says to get a personal loan from a bank. Nevermind that those with poor credit will get turned down, or that you can never borrow small sums of money in this fashion. She says getting $1,000 will come with nearly a 20% APR attached to it.

Oh and guess what? The bank will drag that loan out for as long as possible, meaning if you make their minimum payments of $10 a month, you won't pay that loan off for a long time. And in the meantime, you will have ended up paying well over 25% of the loan amoun in fees.

Payday loan critics are so stupid. They use baseless facts, faulty math and have a complete lack of understanding when it comes to credit. And usually when it comes to logic, too.