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> Is it really fair to calculate an annual interest rate when the loan term in question 14 days (literally one payday)?

Yes. Because annual interest rates are the standard of this country. That means you compare the interest rates apples-to-apples.

My credit card is 13% annual rate, even if I only ever borrow money for 30-days at the max. Comparing this platform vs my credit card on an apples-to-apples basis (APY) is just fair.

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In the case of the credit card you don't ever have to pay any interest if you pay within 30 days; can't say that for the payday loans.

That's only true if you're using your credit card to buy stuff. If you withdraw cash from your credit card at an ATM you start accruing interest immediately; at least on every credit card I've ever owned.

You're right. Cash advances are generally not on very favorable terms.

Yeah but the point of withdrawing cash is to buy stuff.

Credit card checks can also be used in many cases where credit cards cannot, and those don't always have the fee or immediate interest of cash advances.

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