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A payday advance loan is the urgent financial support which one looks for when one is short of cash. It basically serves for short term routine expenses such as paying electricity and gas bills, shopping and credit card bills, house rent, emergency car repairs, treatment for the illness of a family member, paying school fees, other miscellaneous expenses which can't wait longer and need to be catered urgently. If you are a homeowner, you may get a lower rate through a secured personal loan using your property as security. If you borrow money using a mortgage as security you are agreeing that the lender can claim the mortgaged property if you fail to keep to the agreement. The risk to the lender is reduced so the interest rate offered is lower. This is why secured loans tend to be cheaper than unsecured loans and other forms of borrowing. The lender has the added benefit of security, which provides protection in the event of your inability to repay.