What is the difference between an emergency payday loan and a personal unsecured loan

[grace]

Hi..............,
An unsecured personal loan allows you to borrow between $1,000-$10,000. These loans can be paid off during the course of 1-4 years. To qualify for the loan you must have a credit score of a 580 + or have a co-signer. Emergency payday loans allow you to borrow between $200-$1,000. The repayment term of these loans is very short -- approximately two pay periods. However, there is no credit check required for the application.

[rok]

(02-04-2009 08:11 PM)grace Wrote:  Hi..............,
An unsecured personal loan allows you to borrow between $1,000-$10,000. These loans can be paid off during the course of 1-4 years. To qualify for the loan you must have a credit score of a 580 + or have a co-signer. Emergency payday loans allow you to borrow between $200-$1,000. The repayment term of these loans is very short -- approximately two pay periods. However, there is no credit check required for the application.

These good idea. I welcome your ideas here.

[grace]

Hi Rok,
Thanks for the reply

[martha.a]

A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
Some jurisdictions impose strict usury limits, limiting the nominal annual percentage rate (APR) that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between APR and effective annual rate (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 × 15% = 390% but the EAR is 1.1526 - 1 × 100% = 3686%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons.

[jenisebhruvel]

An unsecured personal loan allows you to borrow between $1,000-$10,000. These loans can be paid off during the course of 1-4 years. To qualify for the loan you must have a credit score of a 580 + or have a co-signer. Emergency payday loans allow you to borrow between $200-$1,000. The repayment term of these loans is very short approximately two pay periods. However, there is no credit check required for the application.

[Howardmarvels]

i know that payday loans have crazy interest rates and no grace periods!

[CheapestSEO]

I have think so.

[jefcully]

Payday loans are only for people who are gainfully employed and who can demonstrate their regular paychecks. People need a certain amount, usually in the neighborhood of $ 100 to $ 500 for two weeks to one month,The plan is to help you out until you get paid. Then you go and repay the loan.

[Hosanna]

In finance, unsecured debt refers to any type of debt or general obligation that is not collateralised by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation.
In the event of the bankruptcy of the borrower, the unsecured creditors will have a general claim on the assets of the borrower after the specific pledged assets have been assigned to the secured creditors, although the unsecured creditors will usually realize a smaller proportion of their claims than the secured creditors.

[teal1066]

Payday loan is having less paper work then any other loan.You can also called
Payday loan as a emergency loan.Payday is useful in emergency.