Are payday loans secured loans?

Hi :)

Welcome to our forum. You have a very simple issue Jud. Just don????????t worry about it I shall assist you as best as possible on my part. In true sense of term a secured loan is a loan which is achieved against some specific assets. Actually the assets serve as a guarantor of the lender in case if the borrower is unable to pay back the assigned amount within the stipulated span of time. Unsecured loan is attainable on the basis of the borrower????????s credit history or may be credit score. Generally a lender would first look forward to the fact that if he is getting the assurance he demands against his money. If a borrower has got a good credit score he might get loan without little or no guaranty depending on the situation.
It is however difficult to state if the payday loans are secured orunsecured.Superficially it is said to be unsecured but in true terms it is a secured loan for it might demand less security as it is charging high interest. If one is in dire requirement of cash he can achieve a payday loan in no time. Only he has to be a U.S. employed citizen possessing a checking account. The checking account is important because he has to provide the lender with a post dated check as an assurance of the repayment of the money at assigned time of repayment. After the loan is processed he writes a postdated check to the lender for cash advance amount supplemented with the lender????????s fee. He can acquire the money within 30 min to an hour. Normally these loans are allotted for 14 days.So if you have all these you are eligible for a payday loan. Just for your information payday loans are something that a borrower opts for when he has no other way out. My suggestion to you at this point of time to is to go to a credit councilor before coming to a final decision. There are however several options to it. For further assistance you may log on to http://www.debtconsolidationcare.com/credit-counseling.html
:)