Payday lending refers to a type of short-term loan that is intended to cover expenses until an individual's next payday. These loans are typically small, with amounts ranging from $100 to $1,000, and they are often granted without requiring a credit check or any collateral. The interest rates for these loans can be very high, which makes them risky for borrowers who may struggle to repay the loan on time due to the high cost of the loan. Payday lending is regulated in some states and criticized by consumer advocates as a predatory practice that targets low-income individuals.