Definition of payday lender in English:

Share this entry

payday lender

noun

A company that lends customers small amounts of money at high interest rates, on the agreement that the loan will be repaid when the borrower receives their next paycheck: payday lenders have been criticized for setting loan terms that keep cash-strapped borrowers in perpetual debt
More example sentences
  • For instance, payday lenders actually charge fees of about $15 to $20 per $100 borrowed.
  • In short, payday lenders provide a means for the unbanked to join the financial mainstream.
  • Payday lenders lend without regard for the borrower's ability to repay the loan.

Derivatives

payday lending

noun
Example sentences
  • Most who turn to payday lending have poor or limited credit history.
  • Payday lending was an innovation created to serve an underrepresented market segment.
  • A typical payday loan works like this: the borrower writes a post-dated check to the payday lending company.

For editors and proofreaders

Syllabification: pay·day len·der

Share this entry
 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.