What are Payday loans and how do they work?
Payday loans, also called as cash advances are loans obtained by employees with a long employment record with the employer. They are personal loans availed for a short term and are to be returned within a short period of time.
Most people avail loans for funding their mortgage payments. Other common reasons are auto loans, repayment of debt, insurance and savings. Some common types of personal loans are: home equity, fast cash advance, military payday, No credit, Christian lending and second chance loans.
They can again be categorized into secured, unsecured, subsidized and demand loans.