Response: pay day loan loans are definitely not exactly like a unsecured loan. Pay day loans are a form of unsecured loan, but there are lots of types of signature loans that you could sign up for. Individuals with exemplary credit can frequently sign up for big lump sums at a bank, however these loans are hardly ever repaid with paycheck deductions. Student education loans are thought a as a type of unsecured loan, and they are paid back with monthly payments over a length of years. Because of the payday variety, on the other hand, you are going to repay balance over the folowing months as funds are deducted from your own paychecks.