Personal Loans vs. Payday Advances

Personal Loans vs. Payday Advances

What’s the difference between unsecured loans and pay day loans?

They are vastly different financial tools commonly used by people with very different financial needs while they may sound similar.

A loan that is payday a “relatively little bit of money lent at a high interest in the contract that it’ll be paid back as soon as the debtor gets their next paycheck,” as defined by the customer Financial Protection Bureau. a unsecured loan is an unsecured loan—so no security is needed—used to combine financial obligation or pay for life’s big activities.

But there’s much more to it […] Read more