Monthly Archives

March 2017

Definition of payday loan

What is a payday loan? A payday loan is a type of short-term loan where a lender grants credit at a high interest rate based on your income. Its principal is usually a portion of your next paycheck. Payday loans charge…

Definition of secured loan

What is a secured loan? A secured loan is a loan that a third party guarantees (or assumes the debt) in the event of default by the borrower. Sometimes a secured loan is guaranteed by a government agency, which will buy the…