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How Payday Loans Work

Payday loans are short-term unsecured loans that are very easy to obtain. With their ease of access comes predatory fees and interest; they are currently illegal or restricted in 18 states and the District of Columbia.

Easy to Obtain

Payday loans involve relatively small amounts of money. Moreover, lenders might request proof of income, but they won’t require collateral to secure your loan. Broadly, they make no specific determination of whether or not a borrower can repay a loan.

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Payday loans and personal loans have the same essential characteristics that are common to all loan types. Money is borrowed for a period of time at a specific interest rate and must be paid back by a particular date. Furthermore, the money can be borrowed for various reasons, although the payday lender doesn’t need to know the loan’s purpose, while the personal lender will probably ask.

However, these loans vary significantly in ways that can have a big impact on the borrower: the approval process, the cost of the loan, the length of the repayment period, the risk of added debt, and more.

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Payday Loans vs. Personal Loans: An Overview If you need to borrow money, you have some options. For example, you can consider an easy-to-obtain payday loan for small amounts if you believe you can repay what you’ll owe with your next paycheck. On the other hand, you might prefer a personal loan despite the application process because it will provide you with more funds, cost you less, and involve a longer repayment term.