how do payday loans differ from other types of loans?

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26-10-2021
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how do payday loans differ from other types of loans?

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Baraq Baraq · Answer 1 · 2021-11-05T11:55:13+01:00

Payday loans differ from other types of loans in many ways. One of how payday loans differ from other types of loans is the duration of repayments.

This is because, unlike other types of loans, the payday loans repayment period is usually shorter. For payday loans, there is usually a minimum of a month to a maximum of 24 months.

On the other hand, other types of loans take more years to repay. For example minimum of 2 years to repay the personal loan.

Some other differences between payday loans and personal loans include the following:

Payday loans usually don't require collateral, while other loans demand collateral.

Payday loan interest rates are usually higher, but other types of loans has interests rates fall within normal banking interest rates.

Payday loans are not offered by traditional banks, while other loans offered by traditional banks.

Payday loans are usually small, between $100 to $10,000, while other loans can run into millions.

Hence, in this case, it is concluded that payday loans are in many ways differs from other types of loans.

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