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Payday Loan
(redirected from Payday loans)

    Also found in: Wikipedia 0.01 sec.
Payday Loan
A short-term loan expected to be repaid before the borrower's next pay day. Frequently, the borrower collateralizes a payday loan by presenting a postdated check for the amount of the loan (plus interest). The lender simply deposits the check on the agreed-upon date. Interest rates on payday loans are notoriously high.
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