payday loan UK US noun [C] (also payday advance, overnight loan)
► FINANCE a small loan from a bank, etc. that must be paid back when the borrower receives their next pay: »
the payday loan industry
»a payday loan business/company/operator
take out a payday loan »A consumer who takes out a $250 payday loan today would give the lender a check to hold as security.
Financial and business terms. 2012.