Personal loans are the most widely used funding sources, and they can be applied with either secured or unsecured options. No issue about your credit rating; you can get the approval based on your income. These loans are available for larger amounts and for a longer duration. You can also use personal loans for debt consolidation. It is one of the most common purposes of the fund seekers approaching us.
On the other hand, payday loans are among the form of personal loans. These loans are also used for any financial purpose but always have higher interest rates. These are unsecured loans only and are available through online mode. Payday loans are comparatively smaller in amount and shorter in term. A payday can only be used for last-minute needs. No other purpose, like debt consolidation, can be fulfilled through it.