> Many if not most people believe payday loans are predatory practices that prey on people without access to capital and/or financial literacy.
Sure.
And I think the same logic also clearly applies to microfinance.
Sure.
And I think the same logic also clearly applies to microfinance.
scam (n): a dishonest scheme; a fraud.
A scam necessarily involves dishonesty of some kind. It may be that some payday loans are also scams, but the vast majority of them are above board and disclose their terms clearly.