There are two types of loans: secured and unsecured. Your car loan is a secured loan, meaning that the lender is legally entitled to take your car away if you fail to pay them. Most people don’t realize that ONE missed payment will warrant a repossession man coming to your house to tow your car away! If this happens, you can expect to pay an exorbitant towing fee and double your monthly payment to get the car out of impound. If you can’t come up with this cash within a week or two, you can officially kiss your car goodbye! Sound frightening? It is! On the other hand, a pay day advance is an unsecured loan, meaning that there are no liens on any of your assets. If you cannot pay the lender back on time, the lender cannot take your house, cannot take your car or cannot hurt you financially. What you can expect is that the lender will triple your interest and whack you with a nonpayment fee. However, pay day advance companies are quite reasonable and will generally give you a little extra time if you need it and let them know that you need it before your 14-30 day repayment term expires.