payday lender

noun

plural payday lenders

: a company that issues short-term high-interest loans in relatively small sums usually intended to be repaid from the borrower's next paycheck

… underemployed, financially strapped parents who often turn to nontraditional financial services such as payday lenders and pawn shops …

—Paul Tullis

Since 1990, more than 1,200 bank branches have closed in rural and low-income communities, pushing many people toward payday lenders.

—Simon Enoch and Ryan Romard

see payday loan

Word History

First Known Use

1969, in the meaning defined above