payday lender

British  

noun

1. a person or group that offers short-term loans, in advance of payday, at high rates of interest

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Other Word Forms

• payday loan noun

Example Sentences

For instance, borrowing $400 over three months from a payday lender typically costs $360 in fees, while banks are charging $24 or less for a loan of the same amount, Pew said.

From New York Times • Jun. 16, 2023

The companies operate in a legal gray area that allows them to function much like a payday lender but without the consumer-protection rules that govern those businesses.

From Los Angeles Times • May 25, 2023

Although £4,000 of his debt remains unpaid, Tom said he will never again borrow from a payday lender again.

From BBC • Aug. 27, 2021

The original rule would have limited how often a payday lender could attempt to take money from a customer’s account, addressing advocates’ complaints that they were running up significant overdraft penalties.

From Washington Post • Nov. 20, 2019

Seventy-two percent said they received better treatment from a payday lender than from a bank or credit card company, and 75 percent said they were likely to recommend payday loans to friends and family.

From Washington Times • Feb. 26, 2019