Payday (also referred to as “cash advance” or “deferred deposit” loans) and title loans are high interest short term loans. Payday loans generally are due on your next payday or in instalments within 90 days. Title loans are secured by the title of your car, so you can lose your car if you can’t pay the loan back. People can get in over their heads with these loans, when they can least afford to.
Learn more about these loans so that you can protect yourself if you have this type of loan or are considering one.
