Is Finio a payday loan?

I'm curious, could you clarify if Finio operates as a payday loan service? I've heard some comparisons being made, but I'd like to get a definitive answer. Payday loans are known for their high fees and short repayment terms, so it's important for me to understand the nature of Finio's offerings before considering them. Can you provide me with some insight into how Finio differs from traditional payday loan providers, if at all?