Definition of payday lending noun from the Oxford Advanced Learner's Dictionary


payday lending

BrE BrE//ˌpeɪdeɪ ˈlendɪŋ//
; NAmE NAmE//ˌpeɪdeɪ ˈlendɪŋ//
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the practice of lending money to people for a short time at a high rate of interest, expecting them to pay it back when they receive their next wages