More like 'How desperate.' or 'How bad a credit rating.'
Finance charges that brutal reflect, at least partly, that the firm isn't going to get all its money back every time and quite regularly will get little or nothing back.
If the person borrowing was creditworthy they (should) go to a bank or get a low interest loan from some other source.
Besides APRs are misleading on a short term loan:
http://www.nationalcashlenders.com/calculator.html
You get charged $20 per $100 regardless of how long you borrow for and the actual amount you pay back doesn't change. But the equivalent APR
looks awful. On a 3 day loan its 2433%. But the amount you pay back hasn't changed its still $120 per $100 borrowed.
20% ain't cheap certainly, but if your desperate and no other bugger will lend you money it could be a hell of alot worse.