is a payday loan secured or unsecured 
most payday loans are unsecured this means that you do not have to give the lender any collateral or borrow against a valuable item as you do in a pawn shop instead the lender will normally ask you for permission to electronically take money from your bank credit union or prepaid card account alternatively the lender may ask you to write a check for the repayment amount which the lender will cash when the loan is due under federal law lenders cannot condition a payday loan on obtaining authorization from the consumer for preauthorized recurring electronic fund transfers 14