Payday Loan

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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.
References in periodicals archive ?
A No Fax pay day loan is just a guarantee to prevent the hassles of looking for fax devices to deliver programs up to a loan provider.
A pay day loan company has been given the go ahead to open up in a busy Birmingham high street despite claims they attract anti-social behaviour
From its artisan bakers selling their wares at prices that working class people would have to take a pay day loan out for to its art and craft galleries and designer children's wear.
More than one in 10 had pawned possessions and a similar number had turned to pay day loan firms.
MINISTER for Communities and Tackling Poverty, Lesley Griffiths, has warned people in Wales against borrowing from pay day loan companies and high cost money lenders this Christmas.
"A PS10-per-hour living wage would free our members from claiming benefits or pay day loan sharks.
Coast & Country plans to support Payday Loan Danger Day, January 24 - so called because it's the date people struggling to make ends meet are tempted to take out a pay day loan.
THERE has been a tremendous amount of controversy in the news recently regarding pay day loan companies, all of whom charge extortionate amounts in their annual percentage rates (APR).
THE massive increase in the number of people struggling to pay their bills is great news to pay day loan sharks, who will probably have more customers to exploit, safe in the knowledge that no-one will legislate for a fair maximum interest rate, like they have in other countries like France.
SEEMS to me that Craig Whyte used the equivalent of a pay day loan to buy Rangers.
In addition, members now have quick link access to commonly used forms, and can submit their pay day loan alternative requests online.
"As real wages continue to decline, work becomes increasingly insecure and energy prices become unaffordable, people are being forced into the hands of pay day loan sharks just to meet their everyday needs.