glossary

payday loan

A payday loan is a short-term loan (usually three weeks or less) that has a very high interest rate. The interest rate on a payday loan is usually much higher than the interest rates charged by credit cards or bank loans. You cannot get a payday loan for more than $1,500. You will usually have to give the payday lender post-dated cheques that they can cash on the loan due date to repay the loan and the interest.

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