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1. It would be less awkward emotionally, no one's feelings get hurt. 2. A payday loan company is kind of asking for trouble just by allowing strangers to borrow from them. That's what they are California BUSINESS FOR. By contrast, a friend isn't asking for trouble; just an innocent bystander being harassed for a few bucks. and I have friends who bother me for cash. some of them have JOBS (so I would think they could get approved by those payday loan companies if they can show proof of income, right?)....... and payday loan companies don't normally turn people down; they just charge them a higher interest rate. So why do people bother their friends for a loan? why?
The interest rates are terrible and it could damage your credit
Payday loan companies are awful! I don't bother my friends for loans and my friends don't bother me. We choose to lend each other money. If you lend someone money and charge interest on it then that makes you a loan shark. Which is illegal and grim. It used to be easier to borrow from banks, where they knew you and there was a level of trust - It would be nice to go back to that. How about help your friends out if you know they're good enough to pay you back? Rather than possibly let themselves get into a hole of debt that they aren't able to climb out of.
Because when you need a temporary short term loan, it means you aren't sure when you can pay it back, and a friend isn't going to have your car repossessed because you are a week late repaying them, probably...
Friends don't charge ludicrous interest rates and send big burly men to harass you/take your stuff if you don't pay. Payday loan shops are borderline criminal enterprises.
Because before Democrats did away with Usury Laws people could go to loan sharks for cash, now they can go to places that give unsecured loans for ultra high interest rates
Because their interest rates are just short of being usurious (and therefore illegal). ps A business exists to make money, not "to do people a favour".
Because of the higher rates you mentioned