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...
- 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
- 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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