Personal loans are hard to obtain for consumers who might not have any collateral. Unless the consumer has an excellent credit score they might not be able to obtain a personal loan unless they have personal property to back up the loan. By comparison, a payday loan doesn’t require collateral. If a person is employed fulltime, and is at least 18 years of age, than they are eligible to receive a payday loan. This alleviates the need of using personal property as a form of collateral, making payday loans a great for people who aren’t able to obtain personal loans.
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