PLEASE!! DO NOT take out a loan like that! I experienced how these types of places work. Here is the thing, all loan places will require collateral of some sort. Payday loans basically take your next paycheck as collateral. Most others will take the title to your car. The loan i took out with my car title was for $1500. If i remember correctly, it was a 3 month payback period. The important thing to know about these loans is that the interest is calculated EVERY month. The interest rate they give you is the monthly interest rate, not the APR %. On my loan, the APR % (in very small print) was 300%.
They do not actually want your money. They want your collateral! They will approve you for an amount under 1/2 of what it is worth. If your collateral is worth $1500, they will lend you up to about $700. If it is not paid back, IN FULL, by the due date, they will take your collateral. After all, it's worth more than double the amount they lent you.