day loan

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noun

a bank loan to finance the purchase of securities which is repayable within the calendar day on which it is made.

Also called clearing loan, morning loan.

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Based on the Random House Dictionary, © Random House, Inc. 2013.
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Example sentences

There is a ten-day loan period limit with extensions granted by the lending agency when appropriate.

Such practices are no better than pay day loan centers or loan sharks.

Probably not, but that is generally the term of a pay day loan.

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