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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. 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.