What is a payday loan? A payday loan, also known as a payday advance or cash advance, is a short-term, unsecured loan. Payday loans typically have these features: They are small loans, usually less than $1,000. They have extremely high interest rates with representative APRs in the range of ~400-800%. They are due by your next … Read moreWhat Are Payday Loans and Why Did Google Ban Their Ads?