An multi-pay payday loan is a longer-term loan that you pay back over time in mostly equal payments. Multi-pay payday loan payments can vary – bi-weekly (every two weeks), semimonthly (twice per month), or monthly – with terms lasting up to 36 months. Multi-pay payday loans are usually considered a more traditional style loan than a payday loan. Read more about installment loans at our LendNation blog.