Just found out you can get loans on Ethereum, but AAVE sounds too good. Is there a catch?

So guys, I hope this isn't off topic. I recently had to spend some money and unfortunately sold my ETH. Then my friend told me I could just have gotten an AAVE loan for USDC for like 8% interest a year, meaning if I borrowed 1k USDC, I'd have to pay 1080 USDC after a year.

Is it really that simple? It seems like a very cheap borrow. When I hear the word "borrow" I expect to have to pay at least 60%, 70% interest a year, so this sounds really interesting.