payday lender
Short-term loan shop
A payday lender is a business that offers small, short-term loans at high interest rates, typically due on the borrower's next payday.
These loans target people who need quick cash before their paycheck arrives: She went to a payday lender to cover rent.
The industry is controversial—critics call it predatory because borrowers often roll over loans repeatedly, accumulating fees that dwarf the original amount borrowed.
- cashReady spending funds
- cash advanceBorrowed funds before payday
- advanceMove or progress forward
- loanBorrowed money repaid later
- short termOf limited duration
predatory · interest · check · check cashing · debt · debt trap · storefront · desperate · fees · late fees · borrower · repayment · trap · rollover · APR · fine print · urgent · paycheck
- working-classblue-collar, working-class, diner, laundromat, corner store
- loan partiesborrower, cosigner, creditor, debtor, mortgagee
- financial institutionsbanks, central bank, commercial banks, investment bank, investment banks
payday lendercredit union
Member-owned financial cooperative
community bank · savings and loan · building society · bank · mortgage lender
payday lendermutual aid society
Collective for reciprocal assistance
payday, lender, lend, paying, payable, payment, payer, payee, lends