Ducks and Economics

How competitive is the payday loan market? This is a question that as far as I know is unanswered. You would think that competition would stimulate innovation in the sense that as more payday lenders enter the market you would see firms starting to bundle financial products and offering lower fees or interest rates. Is this the case in Missouri or any other state? I don’t know, but it seems to me that these are all questions worth answering.