If you're looking for the definition of a particular finance term or phrase, you can look it up here in our loans glossary. If the term or phrase you're looking for isn't listed, please let us know and we'll make sure it gets included.
Payday Loan
A payday loan is a short-term loan, which is issued to borrowers who need to bridge the gap between the date of application and the day in which they get paid. Because this type of loan is usually of low value, lenders often expect the balance to be cleared in its entirety, within a short space of time.
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