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


payday loan

BrE BrE//ˌpeɪdeɪ ˈləʊn//
; NAmE NAmE//ˌpeɪdeɪ ˈloʊn//
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a small amount of money that somebody borrows for a short time at a high rate of interest, agreeing that they will pay it back when they receive their next wages