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TeachMeFinance.com - explain payment Payment -- Periodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments are generally applied first to accrued interest and then to principal. another definition... payment -- that which is paid. The sum of money or other item(s) of value that is transferred from one party to another. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.