Payday Loans

2 topics · 3 sources

Banking

A small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds.

The Office of the Comptroller of the Currency — Dictionary of Banking Terms and Phrases
Office of the Comptroller of the Currency, U.S. Department of the Treasury — Dictionary of Banking Terms and Phrases retrieved 2014-05-16

Personal Finance

A small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds. Payday loans generally charge high fees and interest.

National Credit Union Administration — Pocket Cents Glossary retrieved 2014-05-16