These loans are for small amounts, and many states set a deadline on the payday loan amount. $500 is a regular loan limit, although limits rates above and below this amount. A payday loan is typically paid back in a single payment on the borrower’s next payday or when the salary is received from another source such as Social Security or a pension. The expected date is usually two to four weeks from when the loan was built. The specific due date is fixed in the payday loan contract.