day loan

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Day loan

A loan from a bank to a broker prior to the delivery of securities. Upon the delivery of the securities, a day loan becomes a regular broker call loan for which securities serve as collateral.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Day Loan

A loan that a bank extends to a broker in order to buy securities. The loan is due at the end of the same day it is extended. A day loan exists to provide a broker with funding until an ordinary broker call loan can be made. It is also called a morning loan.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

day loan

A one-day loan made by a bank to a broker for the purchase of securities. The loan is used until delivery allows a regular call loan to be arranged.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
By NOOR NANJI Press Association PUBLIC sector workers are increasingly turning to pay day loans to make ends meet following the Brexit squeeze on the cost of living.
It is humiliating and shameful that we have food banks, soup kitchens or pay day loans in the UK - this is decades of government incompetence which can never be forgiven.
Only last week I met a man at a drop-in centre who had learning difficulties - and the little money he had was going on pay day loans.
MORE than 60% of people who took out pay day loans used the money to pay for household bills or buy essentials such as food, nappies and petrol, a survey by Which?
A leading churchman has attacked high-interest pay day loans.
With fast loans and 100 day loans, this short-term loan provider truly lives up to its promise of "100 days of freedom."
THE endless increase in pay day loans, pawn brokers, food banks and soup kitchens in the UK is embarrassing, humiliating and shameful.
Advisors at St Andrews debt advice service in Clubmoor have seen a "dramatic increase" in the number of clients seeking help after taking out pay day loans - and some are still paying back their debts from last Christmas.
No surprise when you compare their representative APR for pay day loans - Moneywise's rate of 26.8% compares to Wonga's 4214.0%!
FIRMS which offer pay day loans should be regulated, a Huddersfield debt advice solicitor says.