Why payday loans are good?

@olen 

While payday loans provide immediate access to funds, they are generally not considered "good" for several reasons:

1. High interest rates: Payday loans often have extremely high interest rates, sometimes as high as 400% APR. This makes repayment difficult and can result in a debt cycle where borrowers struggle to pay back the loan.
2. Short repayment period: Payday loans typically need to be repaid within a short period, usually the borrower's next payday. This short timeframe can create financial stress for borrowers who may struggle to repay the loan on time.
3. Predatory lending practices: Some payday lenders have been associated with predatory practices, targeting vulnerable individuals who may not understand the terms or have other financially viable options.
4. Negative impact on credit: If a borrower fails to repay a payday loan on time, it can negatively affect their credit score, making it harder to obtain loans or credit in the future.

Overall, payday loans are often seen as a last resort for individuals facing unexpected financial emergencies. It is generally advisable to explore other options, such as personal loans or assistance programs, before resorting to payday loans.