Payday Loan Cash Advance Terminology

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Please make sure to understand all of these cash advance terms so you can fully understand what a payday loan is.

USAPaydayAdvance Consumer Terminology

Appreciation - relating to the increase in value of an asset. In this sense it is the reverse of depreciation, which measures the fall in value of assets over their normal life-time.

APR (Annual Percentage Rate) - Cost of credit that consumers pay, expressed as a simple annual percentage.

Default: when a party is unwilling or unable to pay their debt obligations

Interest: Interest is a surcharge on the repayment of debt (borrowed money).

Payday Loan: A small, short-term loan (typically up to $500) without a credit check that is intended to bridge the borrower's cashflow gap between pay days.

Principal: The initial amount that is borrowed

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