pˌiːˌaɪkˈeɪ tˈɑːɡəlz, ˈɔːlsoʊ nˈoʊn æz "pˈeɪ ɪf juː wˈɔnt", ɑːɹ slˈaɪtli lˈɛs ɹˈɪski ðɐn pˌiːˌaɪkˈeɪz, æz bˈɑːɹoʊɚz pˈeɪ ˈɪntɹɛst ɪn kˈæʃ ænd mˈeɪ "tˈɑːɡəl" tə pˈeɪmənt ɪn kˈaɪnd æt ðə dɪskɹˈɛʃən ʌvðə bˈɑːɹoʊɚ"pˈeɪ ɪf juː wˈɔnt".
PIK toggles, also known as "pay if you want", are slightly less risky than PIKs, as borrowers pay interest in cash and may "toggle" to payment in kind at the discretion of the borrower ("pay if you want").