Definition of payday loan in English:
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.
Definition of payday loan in:
- British & World English dictionary
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