Payday loans, cash advance, personal loans, same day loans, bad credit loans, quick cash loans. You may have heard these terms, but not sure what they mean. A personal loan is debt taken on by individual consumer.The loan is usually supported by collateral from the consumer. The loan may have a fixed rate or a variable rate it just depends on the lender. A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.
