Final answer:
Payday loans are not available at local banks. They charge high interest rates compared to credit cards. They are not the best way for students to build a good credit rating.
Step-by-step explanation:
Payday loans are not available from your local bank branch. They are typically offered by specialized financial institutions or online lenders.
Payday loans charge much higher interest rates compared to typical credit card interest charges. The interest rates on payday loans can be as high as several hundred percent APR.
While payday loans may provide quick access to cash, they are not considered the best way for young students to build up a good credit rating. Building a good credit rating usually involves using credit responsibly, such as making regular payments on time and keeping credit utilization low.