A payday loan, also known as a cash advance, is a short-term loan that typically has an APR of around 375%. Payday loans are often considered fixed-rate loans because the interest rate remains the same throughout the loan duration. However, there are some payday loans that have variable rates, which means the interest rate can change during the loan term. In this blog post, we will learn all about facts about payday loans, especially if they have a variable or fixed-rate interest! Interested? Learn more on this page!