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A '''payday loan''' (also called a '''payday advance''') is a small, short-term unsecured loan, which is many cases is scheduled to be repaid on the borrower's next payday.<ref>http://www.guardian.co.uk/money/2012/jul/12/ge-money-refuses-mortages-payday-loans?newsfeed=true</ref><ref>Michelle Hodson ,''[[Federal Deposit Insurance Corporation|fdic.gov]]'', 18 November 2009, [http://www.fdic.gov/bank/analytical/fyi/2003/012903fyi.html How Payday Loans Work]</ref><ref>http://books.google.com/books?id=_8sDAAAAMBAJ&pg=PA43&lpg=PA43</ref> Sometimes, the loans are also called "[[cash advance]]s", although that term can also refer to cash provided against a prearranged line of credit such as a [[credit card]]. Payday loans are granted after the borrower shows previous payroll and employment records. The legislation regulating payday loans varies widely between different countries and, within the United States, between different states.
A '''payday loan''' (also called a '''payday advance''') is a small, short-term unsecured loan, which is many cases is scheduled to be repaid on the borrower's next payday.<ref>http://www.guardian.co.uk/money/2012/jul/12/ge-money-refuses-mortages-payday-loans?newsfeed=true</ref><ref>Michelle Hodson ,''[[Federal Deposit Insurance Corporation|fdic.gov]]'', 18 November 2009, [http://www.fdic.gov/bank/analytical/fyi/2003/012903fyi.html How Payday Loans Work]</ref><ref>https://books.google.com/books?id=_8sDAAAAMBAJ&pg=PA43&lpg=PA43</ref> Sometimes, the loans are also called "[[cash advance]]s", although that term can also refer to cash provided against a prearranged line of credit such as a [[credit card]]. Payday loans are granted after the borrower shows previous payroll and employment records. The legislation regulating payday loans varies widely between different countries and, within the United States, between different states.
Because the loan is not secured by collateral, and the borrowers are typically desperate, the interest rates charged are much higher than other forms of loans.
Because the loan is not secured by collateral, and the borrowers are typically desperate, the interest rates charged are much higher than other forms of loans.