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day loan

noun
1.
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.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples for day loan
  • Probably not, but that is generally the term of a pay day loan.
  • Such practices are no better than pay day loan centers or loan sharks.
  • There is a ten-day loan period limit with extensions granted by the lending agency when appropriate.

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