GDN, goal: 100% ROI (6)
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Interesting stuff! You'll have the usual hassles with advertising on the GDN (specific landing page requirements, etc), but if you can make it work there's gold in them thar hills.
Looking forward to seeing your first results.
What is the payout for the offer? It must be big, because of payday niche, so my question is how are you going to optimize anything with this campaign? Wait one year to gather data?
With such daily budget you will have more luck testing .20 cents mobile app installs I think
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I haven't done adwords since 2008, but would be interested in seeing how you get on with this! Please let us know. 
The only thing that doesn't "jive" is how you can target payday loan keywords with such a low CPC. Keyword selection is crucial. Typically, the more relevant/targetted a keyword is to the product you're promoting, the better it will convert. However, many targetted keywords will also cost more. The trick is to find a balance that will give you the best ROI ("duh!")
To gauge a new offer, I would only pick the most relevant and targetted keywords. My reasoning is that if the offer doesn't convert well even for targetted keywords, then I can forget about the less-targetted ones - basically I would just write off that offer.
Again - would love to see how you get on! 
Amy
I think it's risky to run just at $10 a day. You'll need to spend way more to find the profitable placements / landers / creatives within some acceptable perioud. I would be scared that my offer would die before I have even the feeling how the traffic performs.
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