Definition of payday lender in English:
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.
- 1payday 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.
Definition of payday lender in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.