0 an amount of money that is lent to someone by a company for a short time at a very high rate of interest :
1 a small loan from a bank, etc. that must be paid back when the borrower receives their next pay:
In addition, other candidates have attacked his lack of experience in government and the payday loan practices of his bank.
Businesses in the poverty industry often include payday loan centers, pawnshops, rent-to-own centers, casinos, liquor stores, tobacco stores, and credit card companies.
In 2009, the payday loan industry generated around 242m in revenue - accounting for around 20 percent of the total lending.
These loans may be available on slightly better terms than an unsecured payday loan, since they are less risky to the lender.
Once a loan is repaid, under the new law, the borrower must wait 10 days before obtaining another payday loan.
Other forms of peer-to-peer lending include student loans, commercial and real estate loans, payday loans, as well as secured business loans, leasing and factoring.
They are the cousin of unsecured loans, such as payday loans.
Payday loans carry substantial risk to the lender; they have a default rate of 1020%, with other sources citing 5% per month.
