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All in all, there are three main differences between payday loans and personal loans: the amount you can borrow, the interest rate and the timeframe for repayment. Payday loans offer smaller loan amounts, far higher interest rates and much shorter repayment periods than personal loans22/03/2018 · Payday loans feature quick approval and funding, with the potential of a same day turnaround. Short Term People who request payday loans generally need the money quickly, which is why the fast funding of payday loans is appealing. Even so, the loan is typically required to be repaid within 7-14 days, or as soon as the borrower’s next paycheck. Renewal21/07/2021 · What is a payday loan? Payday loans are short-term unsecured loans that can help you out during a cash crunch. Unlike personal finance options, they are convenient for paying minor expenses like house rent, car repair or buying a gadget before the next payday. Although these loans are instant,

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