If it is so awful, why do so many people use it? Most critics don't understand the depressing reality that payday lenders are often better than the alternative.

If it is so awful, why do so many people use it? Most critics don't understand the depressing reality that payday lenders are often better than the alternative. I would also point out that the companies vary in profitability, and they're not particularly good businesses. Default rates are so high that the lenders often generate returns on equity below many regular banks, or just on par.