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Personal loan
The difference between a personal loan and a payday loan
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[QUOTE="Holicent, post: 286326, member: 76163"] [SIZE=15px][FONT=Verdana]A personal loan is a short-term loan that can be used for a wide range of purposes, including paying off bills or buying gifts. Payday loans are a type of unsecured personal loan that comes with an interest rate that is higher than usual, because they’re intended for use in emergencies only. Personal loans are available from banks, credit unions and other lenders. They tend to come with lower interest rates than payday loans and other high-interest loans. They also come with certain fees, such as an origination fee and an annual percentage rate (APR) fee. Payday loans are available from lenders who specialize in them and often charge higher interest rates than standard personal loans. They usually require little or no paperwork, but borrowers should check their state laws to see if there are any restrictions on the types of payday loans they can get (e.g., if there’s a cap on how much money you can borrow). Personal loans provide short-term financing for many common financial needs, such as debt consolidation, paying off bills and buying gifts for loved ones. Some lenders offer longer terms and lower rates than payday loans; these may be ideal for some borrowers who want to consolidate debts or pay off high-rate debts.[/FONT][/SIZE] [/QUOTE]
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The difference between a personal loan and a payday loan
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