Payday-style loans (or high-cost, short-term credit) are short-term financing for lower amounts of cash. These loans can quickly be accessed, also by people that have bad credit or reduced incomes. The tradeoff is they often come at a high price. While 4 in 5 of those loans usually are paid down in a single month or less, it works out to be 1,300% annualised if we look at the typical interest rates charged. Prices vary by payday lender, but weighed against almost every other credit choices, this might be an high priced solution to borrow.