Definition of payday lender in English:

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payday lender


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 wages: 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.


payday lending

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.
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