Payday Loan
“debt cycle fire starters”
The Consumer Financial Protection Bureau describes a payday loan as a short-term, high-cost loan, generally for $500 or less, that is typically due on the next payday. Depending on the state law, payday loans may be available through storefront payday lenders or online. The ability to repay the loan while meeting other financial obligations is generally not considered by the lender.
source: consumerfinance.gov