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My senior asked me one day to prepare a report on loans. I had to compare total number of people taking payday loans and people taking refinance. Also my senior had instructed me to compare and contrast based on both the type of loans based on risk involved, the rate of interest, tenure and benefits of both type of loans. I did a thorough research on both the type of loans and came to conclusion that while payday loans helps person to repay his due immediately, but it is essentially meant only for small amount of loan. Person who is unable to pay his pay day loans ends up paying a lot more than person who had opted for refinance.