The APR may look extortionate, but remember that these are very short term, low value loans, with a high default rate.
For example 2278% APR could mean borrowing £200, and paying back £212.53 a week later – probably a typicalish scenario for a place like QuidQuick or Wonga which is designed to bail someone out until their next paycheck. Doesn’t sound so bad when you look at it in context.
Given how often these loans must be defaulted on and the faff they must sometimes go through to get the money back, I don’t think it is an unreasonable rate.
The whole concept of lending money to those who are just on the verge of balancing their books and standing up on their own two feet in the first place is questionable, but I don’t think the APRs they charge are extortionate at all.