Why they capture people
Can't repay $575 on payday? Pay $75 to extend, still owing $500 — and again — CFPB research found most payday loans go to borrowers stuck in sequences of 10+.
'$15 per $100' sounds like 15%. For two weeks, it's ~391% annualized. Loans are priced in APR for exactly this reason.
Typically ~25% per MONTH (≈300% APR), secured by the vehicle you need for work. Repossession compounds every other problem.
What beats them (nearly everything)
Selling, gigs, plasma, earned-wage access, day labor — all cost less than 400%.
Federal credit unions offer small 'payday alternative loans' with capped rates (NCUA program). Joining a credit union is often same-day.
Utility payment plans, landlord partial-payment agreements and creditor hardship programs all beat borrowing at triple digits.
211, food banks and emergency funds exist so this loan never happens. That's literally their job.
Sources: CFPB — What is a payday loan? · FTC — Payday lending · NCUA — Payday alternative loans