There are several reasons why someone might choose to get a payday loan instead of using a credit card or borrowing from a friend:
- Credit card not accepted: Some merchants do not accept credit cards, so a payday loan may be the only option for making a purchase.
- Credit card not available: Some people do not have a credit card, either because they have poor credit or because they do not meet the requirements to get one. In this case, a payday loan may be the only option for borrowing money.
- Need for quick cash: Payday loans are often advertised as a quick and easy way to get cash, and they can be obtained quickly and easily. This may be appealing to someone who needs money right away and does not have time to wait for a traditional loan to be approved.
- High credit card interest rates: Credit card interest rates can be very high, particularly for people with poor credit. A payday loan may have a lower interest rate, which could make it a more affordable option for borrowing money.
- Embarrassment: Some people may feel embarrassed or uncomfortable borrowing money from friends or family, and may prefer to get a payday loan instead.
However, it’s important to note that payday loans can be very expensive, and they should generally be used only as a last resort. They often have very high interest rates, and if you are unable to pay back the loan on time, you may end up paying even more in fees and interest.