I know what loans are but what makes them so much worse?
Edit: thank you everyone for Answering! I think I got it now 🙂
In: 32
They’re hated because they generally leave the borrowers worse off than had they not taken the loan at all because the interest rates charged on them are so damn high. For instance, if you owe $1000 in bills and you take a payday loan for them, maybe you’ll get caught up on your bills for that month, but now you need to pay the loan company back $1200. So you’ve only temporarily gotten caught up on your bills and owe much more than you borrowed.
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