Payday loans are small, short-term loans that are granted to tide the borrower over until the next payday. Payday loans range from $100 to $500, with up to 400% interest rate. Unlike most loans, these are granted quickly and with very little requirements for two reasons: payday loans come with a small loan base, and they has a short repayment term. There is much controversy surrounding payday loans, however, with many borrowers complaining of predatory lending practices. In response, some states and countries are now exercising some form of regulation over payday loans. In 37 states in the U.S, for example, payday lending is legal but regulated. In 12 other states, it is banned. This section provides more information about payday loans.