New Delhi, June 2 -- As financial needs, aspirations and goals evolve in the country, consumers are increasingly looking out for several unique borrowing opportunities.

Two unique choices in this regard are personal loans and payday loans, each catering to different financial scenarios. That is why understanding the difference between the two is important for making sensible decisions.

There are several aspects that make personal loans and payday loans unique:

Note: The differences discussed above are illustrative in nature. For the accurate differences refer to the official website of your respective lending institution and discuss with a certified financial advisor.

Hence, opting between a personal loan or a payday loan comes down t...