Payday loan is a very short-term loan with a higher rates. Personal loan can be longer and rates are less high. Payday you take only in case of emergency, if you really don't have anyone around to give you this amount for couple of days. I used it ones when I needed to buy some materials cause I had to start with production asap. I knew that I will have a decent transfer coming in a few days so there was no risk for me. Just think few times if it is really necessary to take loan and if the thing you need money for is that urgent.Wondering about the same. And what is the difference actually between payday loan and personal loan? If i need money for personal expenses immediately which one is that?