https://padlet.com/austin_richards/u6zfapvcp2z3 Made with no regrets, whatsoever en-us 2016-12-04 20:46:27 UTC 2025-10-02 22:32:10 UTC hello@padlet.com austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141622464 A payday loan is a short term, unsecured loan, that is typically in a small amount. The term unsecured means that there is no collateral required for the loan. You may think that the collateral is the borrower’s paycheck, but in fact that is not the case, since there is no legal recourse immediately available to garnish wages should the borrower not pay.
Bank loans, on the other hand, are usually for longer terms and larger amounts of money than a payday loan. Banks also usually structure their lending terms very similar to other banks, so most consumers are aware of the different lending options. For example, most consumers know what a car loan and mortgage loan entails. These loans are typically made in the $1,000s of dollars, with multi-year terms associated with them]]> 2016-12-04 20:50:45 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141622464 austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141622664 Payday Loans-
Since loans are usually short term, the interest rate is about 15% for two weeks but if you took a loan for a year it would be like 390% APR
Bank Loans-
These loans are usually for many years and in the thousands of dollars so the fixes APR is about 4-5%. You end up paying back a lot less on the interest but since the amount of the loan is higher you pay equal to the payday loan

]]> 2016-12-04 20:53:37 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141622664 austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623155 http://mybrokencoin.com/the-difference-between-payday-loans-and-bank-loans/]]> 2016-12-04 21:00:32 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623155 austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623189 Always pay back loans on time and never miss a payment
Pay off debt
Don't check credit score often because it lowers it
Have a credit card and pay it off asap 
WHAT WOULD LOWER CREDIT SCORE?
Missing payments
accumulating large debt 
filing for bankruptcy ]]> 2016-12-04 21:01:05 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623189 austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623835 If you are unable to pay off debt your credit score will drop a lot. You could file for bankruptcy but you would have no credit to apply for a loan or anything for 5 years. Your house, car, boat, or any other item with a loan on it could be taken by the bank and you could find yourself in a very bad situation. ]]> 2016-12-04 21:11:05 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141623835 austin_richards https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141625103 Bad credit score 
Unable to get loans
Have excess debt
Immigrant without prior banking history]]> 2016-12-04 21:29:10 UTC https://padlet.com/austin_richards/u6zfapvcp2z3/wish/141625103