day loan

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. 2014.
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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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