how do these loan companies get away with it?

LOL 49% is nothing. The Wonga web site (yep, the one that advertises with animated elderly people!) clearly states that the annual interest rate is 5,853%. Not that they point THAT out on the TV ads.

They just play on the desperate and people who don't know better. There's no trap if you can read. They provide a service and we're expected to be adults and know what we're getting into. As always, you're expected to have a brain. I don't want the government to be my nanny (New Labour thought it was and that's why I didn't like them), and why should it support anyone who can't see what is clearly advertised?

'Twas ever such - there have always been loan sharks, and these are just the modern equivalent. If you haven't got the money, you can't spend it. Simple as that. There is far too much expectation that we should be able to get whatever we won't. The real world doesn't work like that.

They get away with it by disclosing their interest rates upfront. Nobody is forced to take out a high interest loan. If someone doesn't like high interest rates, then they can shop around for a better interest rate and go with the lowest rates

They "get away" with it because these people agree to these terms. Obviously these people don't get support from the government because they are financial morons.