No, It generally means you will get paid monthly or weekly, 7.50 an hour just indicates the rate at which you will be paid.
It's standard to be paid on a monthly basis, however there are a few (usually smaller) companies that will pay weekly
In very exceptional circumstances you will get paid for the day, however this will usually be for contractual work and things like home cleaning or perhaps childcare.
Most jobs I have had have been weekly pay. Would hate to go monthly pay, terrible idea that.
Weekly pay is an awful thing if you're planning to manage finances and become financially stable in the future... you get too used to getting a little bit every week (which in itself is great).
My first job was weekly and I would actually consider turning down a job now if it was weekly pay... Monthly is so much easier