Payday loan (पेडे लोन)
A payday loan is the generic term for a small, very short-term loan meant to be repaid from your next salary, historically carrying very high annualised costs. In India such credit is legal only from RBI-regulated lenders with full KFS disclosure, and terms like salary advance or short-term personal loan describe the regulated versions you should actually compare.
Worked example
Classic payday structure: borrow ₹8,000 on the 20th, repay ₹8,800 on the 1st — that ₹800 for 11 days is about 332% annualised. Always compute this before borrowing, and only borrow where a KFS shows you the APR.