Whois & Analysis for first-federal.com

A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card.

Payday advance loans rely on the consumer having previous payroll and employment records.

Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces.

In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.

This differs from secured debt, such as a mortgage, which is backed by a piece of real estate.

This article deals with the general concept of the term credit history.

For detailed information about the same topic in the United States, see Credit score in the United States.

In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan.

The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement.

In finance, a loan is the lending of money by one or more individuals, organizations, and/or other entities to other individuals, organizations etc.

The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.