A payday loan is a short-term, high-interest loan that is typically repaid on the borrower's next payday. Payday loans are often used by people who need money quickly to cover unexpected expenses, such as car repairs or medical bills.
Payday loans are typically small, with loan amounts ranging from \$100 to \$1,000. The interest rates on payday loans are very high, often as high as 400% APR. This means that for every \$100 you borrow, you could end up paying \$400 in interest and fees.
Payday loans are also very short-term, with repayment terms typically ranging from 14 to 30 days. This means that borrowers must have the money to repay the loan on their next payday, or they will face additional fees and penalties.