Personal loans do not require any collateral as they are unsecured loans. Payday loans are similar to unsecured installment loans because they do not require any collateral. You can also receive a small sum of money that has to be repaid within 2 to 4 weeks or at your next pay date.
Payday loans provide you a flexible repayment period. You can either repay these loans in a lump sum at your next pay date or request your lender to offer you an installment plan to repay your loan amount.
Each state has its own laws that shape lending, so it's important to check with your state department that oversees licensing and find out what the rules are for payday lenders.
Payday loans are designed to solve your financial emergencies by providing you with immediate access to cash without a credit check even if you have a low credit score.
A new short-term loan law goes into effect in Ohio to save Ohioans from getting trapped into a debt cycle. The new law follows standards already established in many other states, but there are a few differences.