For starters, a payday loan operates on a much shorter time frame — it is typically due on your next payday, according to the Consumer Financial Protection Bureau — while a personal loan usually carries repayment terms of two to five years. read more
Here's the difference between the two kinds of loans: Payday Loans. Loan amount typically ranges from $100 to $1,500. Loan is short-term, to be paid back in full in 30 days or less. Payment is ordinarily due on or immediately after receipt of the borrower’s next paycheck. read more
Personal loans, title loans, and payday loans have big differences among them. Knowing the difference can save you from making a big financial mistake. read more