What is a single payment?
A single payment is generally a payment made to an individual only once in the year, in settlement of an amount to which the individual is entitled. For example, a retiring allowance is considered a single payment if the employer pays the allowance in one payment or in several annual payments.
Is a payday loan a single payment loan?
A payday loan is usually repaid in a single payment on the borrower's next payday, or when income is received from another source such as a pension or Social Security. The due date is typically two to four weeks from the date the loan was made. The specific due date is set in the payday loan agreement.
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