payday loan definition, payday loan meaning | English dictionary

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payday loan n.
A small short-term loan, with very high interest rates, that the borrower promises to repay on or near the next payday. Used by wage earners who run short of cash before payday. Payday lending is an established form of lending in the US and Canada.
Also: payday advance, overnight loan.

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Collins

payday

  

      n   the day on which wages or salaries are paid  
English Collins Dictionary - English Definition & Thesaurus  
See also:

pay, pad, Padua, panda


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