How are personal loans (signature loans) different from payday loans?

Signature loans usually have repayment terms of at least a year, while payday loans must usually be paid back within a few weeks. Signature loans are usually paid in equal monthly installments. Payday loans are usually paid as a lump sum at the end of the term. Signature loans accrue interest each month on the unpaid balance while payday loans ordinarily have upfront fees paid either from the loan proceeds or at the time the loan is funded.

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