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Personal Loans vs. Payday Advances

Personal Loans vs. Payday Advances

What’s the difference between unsecured loans and loans that are payday?

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 higher interest rate from the contract that it’ll be paid back if the debtor gets their next paycheck,” as defined by the customer Financial Protection Bureau.