Payday loans are a non-priority debt where the borrower receives a small amount of money from a loans company in a short-term loan, typically with the purpose of providing money to tide you over until your next payday.
These loans tend to have very high-interest rates, with additional charges added in the event that you are unable to repay the loan by payday. It is common for debt to accumulate in these situations, which leaves you owing a sum that is significantly more than what you borrowed initially.