A payday loan is a small, unsecured, short-term loan that is intended to meet your financial needs until your next payday. Payday loans are also known as paycheck advances or deferred deposit loans.

At a predetermined time after borrowing the funds you need (usually a few weeks), you must pay back the amount borrowed as well as a fee for the advance.

FDIC: Guidelines for Payday Lending

Payday Lenders' Trade Association