What is a Payday Loan? Are payday loans the same as personal loans?

Question by Mic: What is a Payday Loan? Are payday loans the same as personal loans?
Thanks!

Best answer:

Answer by mykatesmom
NO. Payday loans are very short term loans (like 1 or two weeks) at a VERY high interest rate (think hundreds of percents) Please be very very careful if you are considring a payday loan, they are NOT a good idea and you can get in over your head very quickly.

Here is an article:
http://en.wikipedia.org/wiki/Payday_loan

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