Definition of payday lender in English:

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 wages:

    ‘payday lenders have been criticized for setting loan terms that keep cash-strapped borrowers in perpetual debt’
    • ‘Many check cashers and payday lenders have sought to lease national bank charters to avoid legislative interference and circumvent state usury laws.’
    • ‘Remember, if you stumble into an unauthorised overdraft from a high street bank you may end up paying charges of which a payday lender can only dream.’
    • ‘Since that time (140 days ago), around 300 payday lenders have exploded across the state.’
    • ‘Since the fixed costs associated with setting up a loan are similar, whether a person is borrowing $100 or $100,000, it should be no surprise that payday lenders would charge higher fees or interest rates, since they're dealing with loans of lower amounts.’
    • ‘Check cashing stores, rent-to-own stores and the payday lenders have their downside: high fees for money order transactions or short-term loans.’
    • ‘Payday lenders lend without regard for the borrower's ability to repay the loan.’
    • ‘In short, payday lenders provide a means for the unbanked to join the financial mainstream.’
    • ‘If they can't get a credit card, then they have to turn somewhere else for credit, such as payday lenders, check-cashers, pawn shops, or loan sharks.’
    • ‘Fifty-four percent of us have no bank account or are still using check cashing places, money orders and payday lenders.’
    • ‘Expect business at payday lenders and pawn shops to increase, for instance.’
    • ‘The payday lenders are assailed for collecting $1.6 billion in fees a year, but Webster says banks charge $7 billion a year for bounced checks.’
    • ‘Payday lenders are teaming up with banks to offer short-term, high-interest loans in states that outlaw them.’
    • ‘The woman tried to close her checking account, which was being automatically debited by payday lenders.’
    • ‘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.’
    • ‘Greedy check cashers and payday lenders rushed in to fill the void.’
    • ‘For a borrower with bad credit, payday lenders offer an invaluable service few banks will offer.’
    • ‘It will force the most desperate borrowers into the arms of pawn shops and payday lenders to make ends meet.’
    • ‘For instance, payday lenders actually charge fees of about $15 to $20 per $100 borrowed.’
    extortionate moneylender, payday lender
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