They are vastly different financial tools commonly used by people with very different financial needs while they may sound similar.
A pay day loan is a “relatively tiny amount of money lent at a top interest rate in the contract that it’ll be paid back as soon as the debtor gets their next paycheck,” as defined by the buyer Financial Protection Bureau. a loan that is personal an unsecured loan—so no security is needed—used to combine financial obligation or pay money for life’s big occasions.