Definition of payday loan in English:

payday loan

Syllabification: pay·day 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
    • Rather than using advance-fee or payday loans, soldiers should consider applying for a small loan at the local credit union or a small-loan company.
    • Banks like these issue payday loans that bind consumers to unreasonable terms and require them to waive their rights to legal recourse.
    • Payday loans are somewhat similar to advance-fee loans, and are among the most expensive ways of borrowing money.

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Word of the day skosh
Pronunciation: skōSH
noun
a small amount; a little