What’s a payday loan and why is it hated

Question

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

Answer 1

You sign away next week’s paycheck to a company, and they give you money but they keep like 10%. The term is usury. It’s actually in the Bible. If you let someone borrow money, you don’t charge them absurd interest.