A payday loan is when you get an advance on your paycheck and pay it back with interest on payday. Generally this interest is 15%. Payday loans are set up to automatically pay themselves back because you post-date a check when you get the loan. If you get to the point where you are getting payday loans from other places to pay back the first payday loan, you are fucked. Payday loans should be avoided at all costs, as they fuck you in the long run. Many states have laws against certain payday loan practices.
Dude 1: Dude, come to the concert with us, it's payday!
Dude 2: Dude, I can't, I have to pay back these payday loans.
Dude 1: Dude, just get another one.
Dude 2: Oh yeah! Then I'll have money until next payday!
Dude 2: Dude, I can't, I have to pay back these payday loans.
Dude 1: Dude, just get another one.
Dude 2: Oh yeah! Then I'll have money until next payday!
by Kapow! June 12, 2008
Get the Payday Loan mug.Term for a person, usually a member of organized crime, offering loans without background checks, collateral, etc. etc., but charges insane interest ($100s, even $1000s per day in some cases), and has henchmen who will hurt or even kill those who do not repay the loan within a certain time (usually a week or so).
John got beat to shit by Loan Shark Tino Capellini's henchmen for not paying on time. If John doesn't pay Tino back by next week, they will kill him.
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