Definition of payday loan in English:

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 wages.

  ‘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.’
  • ‘A typical payday loan works like this: the borrower writes a post-dated check to the payday lending company.’
  • ‘Drive along routes leading to military installations and you'll see numerous signs advertising quick cash, payday loans and more.’
  • ‘In the meantime, consumer advocates and lawmakers are urging low-income consumers to avoid payday loans.’
  • ‘"It's worse than a payday loan."’
  • ‘Frequently called deferred presentment, payday loans are very expensive, short-term (7 to 14 days), small-dollar loans that are primarily marketed to society's poorest citizens.’
  • ‘Other than trimming his waistline, Bettis has as much use for training camp as he does a payday loan at the corner Currency Exchange.’
  • ‘The annual percentage rates may well be sky-high, but payday loans are often less expensive than the alternatives: bounced check fees or illegal loan sharks.’
  • ‘90 percent of all payday loans go to borrowers with five or more loans in a single year.’
  • ‘On a typical payday loan, a person might write a personal check for $115 to borrow $100 until payday.’
  • ‘"Borrowing money at triple-digit interest rates is never the right solution for people in debt," decrees Consumers Union in a fact sheet on payday loans.’
  • ‘They use tax preparation as a pretext to sell other costly products and services, such as high-interest refund anticipation loans, payday loans and furniture rentals.’
  • ‘Even if transaction fees were removed from the picture, one would still expect large APRs for payday loans because of the relative credit risk of payday borrowers.’
  • ‘The ad neglects to state that payday loans are one of the most expensive ways of borrowing money, or that such loans are actually illegal in some states.’
  • ‘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.’
  • ‘Borrow from friends or relatives, or take high-interest "payday loans," to tide you over until you get paid?’

  Synonyms

  extortionate moneylending, payday lending