Hope this is in the right spot.
Date: Tue, 01/16/2007 - 10:26
You already know the difference. A loan for which no collate
You already know the difference.
A loan for which no collateral is pledged is called a signature loan. The repayment plan is signed by the borrower before taking the loan.
A payday loan or a paycheck advance is a small or short term loan given to the borrower and is to be paid back in the next payday.
If you speak with the AG or the DFI, they will say that a company giving out payday loans can do signature loans also. It's one of the many products in their showcase. The important part is that they have to be a licensed business.
These loan sharks will target those people who think that they c
These loan sharks will target those people who think that they cannot get loans from anywhere. People need to be informed about the dangers of taking these loans before getting victimized.
