We all know payday loans don’t exactly have the best image, however there are a need for them in certain situations. I came across this article on personalmoneystore.com, discussing a very interesting type of loan. This “automobile down payment loan” is said to be a loan that no credit check is performed, and there is no collateral securing this loan. However, after reading more about this, I thought this reminded me of a payday loan, but with a different name.

We all know lending requirements have gotten a lot more strict, however consumers still need to pay close attention to the specifics of any money they are getting. Don’t get me wrong, this is not necessarily a bad thing that consumers should not look at. However, maybe the key to getting a more positive image on the payday loan industry is to put different “names” on the loans. Leadpile will keep an eye out for any other names we identify as a payday loan.