What does payday loan mean?
Definitions for payday loan
pay·day loan
This dictionary definitions page includes all the possible meanings, example usage and translations of the word payday loan.
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Wiktionary
payday loannoun
Small loan of money designed to help borrowers until their next payday.
Wikidata
Payday loan
A payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday". The loans are also sometimes referred to as "cash advances", though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states. To prevent usury, some jurisdictions limit the annual percentage rate that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. For a $15 charge on a $100 2-week payday loan, the annual percentage rate is 26 × 15% = 390%; the usefulness of an annual rate has been debated because APRs are designed to enable consumers to compare the cost of long-term credit and may not be meaningful in cases where the loan will be outstanding for only a few weeks. Nevertheless, careful scrutiny of the particular measure of loan cost quoted is necessary to make meaningful comparisons.
Numerology
Chaldean Numerology
The numerical value of payday loan in Chaldean Numerology is: 5
Pythagorean Numerology
The numerical value of payday loan in Pythagorean Numerology is: 6
Translations for payday loan
From our Multilingual Translation Dictionary
- День выплаты Russian
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"payday loan." Definitions.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.definitions.net/definition/payday+loan>.
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