payday loan
noun
plural payday loans
: a short-term high-interest loan in a relatively small sum usually intended to be repaid from the borrower's next paycheck : a loan issued by a payday lender
Payday loans involve potential financial pitfalls, such as debt that grows uncontrollably if not repaid on time.—
Matt Ryan Webber
Matt Ryan WebberExamples of payday loan in a Sentence
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Are these costs far lower than the exorbitant charges of a payday loan?
—Erik Sherman, Forbes.com, 13 Apr. 2026
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Erik Sherman, Forbes.com, 13 Apr. 2026
Cite this Entry
“Payday loan.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/payday%20loan. Accessed 2 May. 2026.
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