Personal Payday Loans: In-depth Information.

The payday loan (also called fiduciary loan ) is a non-finalized loan, that is not specifically intended for the purchase of a good or service. It therefore responds to a generic need for liquidity on the part of the applicant. This is the most flexible loan because it is fast to deliver and can be used for any purpose. Since the purpose of the loan is not well defined this type of loan is considered to be of maximum risk on the part of the banking system and is therefore paid very cautiously and at rather high rates.