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For example, a $700 loan in Idaho repaid in 14 bi-weekly payments of $109.
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A Definition of payday loan A payday loan is a small, short-term unsecured loan that is lent at a high August 30, 2017
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"Borrowers perceive the loans to be a reasonable short-term choice but express surprise and frustration at how long it takes to pay them back," Pew reported last year.
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For the purposes of the 2017 Data Point, a loan was considered part of a sequence if it was made within 14 days of the prior loan.
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