2. Payday loans are considered unsecured debt
Payday loans are considered unsecured debt, meaning they are not backed by collateral. Examples of debts that are not secured by collateral include credit card debt, medical bills, and personal loans. Unlike secured debt, such as a mortgage or car loan, unsecured debt can typically be discharged in bankruptcy.
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In this blog, we'll discuss what are payday loans, and payday loan bankruptcy and discuss 9 things you need to know about payday loans and bankruptcy.
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