In Wisconsin, borrowers are paying high interest rates on payday loans without caps. They’re one of only seven states without regulations that put a cap on payday loans.

According to a PBS interview with Melody Harvey, a consumer science professor at University of Wisconsin-Madison, borrowers in Wisconsin pay, on average, $395 in fees on $500 loans – that’s an interest rate of 338%.

Because the consumer base for payday loans typically consists of credit restrained borrowers, often as a last resort, the issue has sparked debate over whether or not these loans are predatory.

“That is the major debate occurring within the research space right now.” Harvey said. “So we don’t fully know what the welfare implications of these loans are at this time.”

PBS news reported that the Wisconsin Legislature tried to put forth regulations to cap payday interest rates at 36%, the most commonly used cap in states with regulations in place, but it didn’t pass.

Read the full interview here.