It depends on the borrower’s needs. Payday loans are a good alternative designed to help customers with bad credit and limited access to traditional loans from banks. While it’s a good loan option for emergency situations, compared to other alternatives, like credit cards, which have a national average APR of around 15%, bad credit payday loans are more expensive. Therefore, if you have good credit and prefer your debt to be repaid in equal monthly payments within a longer period of time, better opt for credit cards, personal loans, or installment loans that have longer repayment terms. Remember that the longer the loan term, the more will be paid in interest.