Payday Loan
/ˈpeɪdeɪ ləʊn/
Definitions
- (n.) A short-term, high-interest loan typically due on the borrower’s next payday.
She took out a payday loan to cover her expenses until her next paycheck.
Forms
- payday loans
Related terms
See also
Commentary
Payday loans are often regulated due to their high interest rates and potential for borrower debt cycles.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.