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
- The new rules became effective in July, and let payday lenders and car title lenders charge a $10 origination fee per $100 loaned, up to a limit of $30 for a loan of any amount.
- Expect business at payday lenders and pawn shops to increase, for instance.
- Fifty-four percent of us have no bank account or are still using check cashing places, money orders and payday lenders.
Definition of payday lender in:
- The British & World English dictionary