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The likely hood of finding cheap payday loans are probably zero. The term is more popular on search engines like Google, Yahoo, and Live Search than in actual business practice relating to any known online payday loan business. Consider it reminiscent of an urban legend.
Whether your loans are 15 day (usually one pay cycle) or 30 day payday loans, the rates will fluctuate among american payday loan companies. It would be safe to say the rock bottom lowest rate you will probably find will be in the 35-37% range.
Ohio just announced in August of 2007 that they are seeking legislation to cap payday loan fees to 36%. Look for other states to follow down the road. There is current Federal legislation that caps the rate of payday loan fees for those who are active in the military. Unless you are active duty or have a relative or friend that is in the Air Force, Army, Navy, Marines, or Coast Guard, you will more than likely pay rates on average that exceed more than 100% of the original loan amount.