Advocates will sing financial reform carols outside a payday loan store in Chicago's Loop this morning, offering a simple message to city residents and commuters: beware of the Payday Loan Grinch, who is still able to offer loans that carry interest rates of up to 700 percent. House Bill 537, which Gov. Pat Quinn signed into law earlier this year, will cap those rates at 99 percent for long-term loans and $15.50 per every $100 borrowed each two weeks. Other provisions in the bill include a prohibition on balloon payments and the elimination of various fees. But the legislation doesn't take effect until next March. With the Christmas shopping season well under way, unregulated payday loans still have the capacity to cause much financial distress.