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