The payday lenders are different from a bank/credit union because of its mode of repayment services.
What is payday loan?
The payday loan is a short-term borrowing based where the lender will usually impose higher-interest credit based on the borrower's income
Let understand that the similarities between the payday lenders and bank/credit union is the credit service they provided to borrowers.
However, what makes the Payday loans different from banks loans is the duration of repayments.
Unlike other types of loans, the payday loans repayment period is usually shorter, a minimum of a month to a maximum of 24 months.
In conclusion, the payday lenders are different from a bank/credit union because of its mode of repayment services.
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