Washington LawHelp.just what is an online payday loan? What exactly is a Pay Day Loan? A loan that is payday a short-term, high-cost loan that needs to be repaid on or before your following payday, whether your earnings is from work or federal federal government advantages. Payday advances are created by storefront lenders, always check cashers, pawn stores, credit unions, and providers that are internet-based. Share This: