Credit Card Glossary: Terms and Definitions
Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
- Payday loan
- Payday loans are small loans taken out by borrowers as advances against their next paychecks. When figured on an annualized basis, their interest rates are extremely high. These high rates -- and the fact that many people "roll over" the loans again and again, racking up huge costs -- have made payday loans controversial. Many states have banned them or severely restricted them.