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Payday loans are small, short-term loans. They’re usually for $500 or less, and typically have to be repaid within two to four weeks. Also called cash advance loans, they are legal in many states.

To get a payday loan, you give the lender a personal check for the amount you want to borrow, plus the lender’s fees. Or, you authorize the lender to electronically debit the loan amount, plus fees, from your bank, credit union, or prepaid card account. If you don’t repay the loan on time, the lender can cash the check or electronically withdraw money from your account.

Payday loans are expensive. Lenders usually charge from $10 to $30 for every $100 borrowed. On a typical two-week payday loan, a fee of $15 per $100 translates to an annual percentage rate (APR) of 391%. The APR tells you how much it costs you to borrow money for one year. By comparison, in the first quarter of 2023, the average APR for credit cards was just under 21%.