If I want to take out a payday loan, do I have to put up something in return like if I went to a pawn shop?
Payday companies are not the same as pawnshops. If you decide to take a payday loan from one of these companies you will not be required to have collateral. Payday loans are considered a form of “unsecured” debt.
Instead you will have to give the lender permission to electronically take money from your checking account, or provide a check for the repayment amount that the lender can deposit when the loan is due.
If you do not have enough money in your account when the lender tries to withdraw the payment, your bank or credit union will likely charge you fees for overdrawing your account.
Payday loans are also notorious for high fees so it may benefit you to look at other methods in securing a loan.