Payday Loan: A payday loan is truly a short-term loan; it has to be paid back in two to four weeks. Like the payday installment loan, a payday loan can carry an APR as high as 400%. The combination of the short term and high rates increases the likelihood that you'll be unable to pay off your payday loan when it comes due. (a) Interest. 1. Except as provided in sub. (12) (b), this section imposes