Rose asked in Business & FinanceCredit · 1 year ago

Why do people hate payday loans?

9 Answers

Relevance
  • Anonymous
    1 year ago

    I don't hate them. I don't believe they're "exploitative". They're voluntary, and they serve a purpose for people who may not have better options due to their own past behavior(s).

    They're a horrible deal for people who do have options, though.

  • ?
    Lv 7
    1 year ago

    payday loans are convenient but they cost an awful lot of money and can be dependent

  • Judy
    Lv 7
    1 year ago

    they're ripoffs

  • 1 year ago

    They are greedy pigs who charge far too much and the online ones are the worst because the person applying could be drunk and not thinking about it properly.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 year ago

    Because borrowing money at low interest rates is better than borrowing money at high interest rates, and interest rates don't get much higher than payday loans.    

  • Mercy
    Lv 7
    1 year ago

    They take advantage of people who don't know know how to figure the huge amount of interest they will be paying.

  • 1 year ago

    It's a loan of last resort with very high interest rates.  

  • 1 year ago

    Why throw money away paying fees and interest? It is a good way to keep ones self poor.

  • Scott
    Lv 7
    1 year ago

    Because they often exploit poor people, who can least afford the exorbitant interest they charge.

Still have questions? Get your answers by asking now.