Definition of payday loan in English:

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payday loan

noun

A relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck: consumer advocates and lawmakers are urging low-income consumers to avoid payday loans
More example sentences
  • The growth of payday loans belies the adage of "living from paycheck to paycheck."
  • On Oprah, one family owed $92,000 in debt, many in legally usurious "payday loans".
  • On that side of town, the bank becomes payday loan, the bank becomes currency exchange, the bank becomes credit-card manipulation.

For editors and proofreaders

Syllabification: pay·day loan

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