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English definition of “payday lender”

payday lender

noun [C]     FINANCE
a person or an organization that lends money to customers who must pay it back when they receive their next pay: State law allows payday lenders to loan up to $700, with interest rates of up to 15% per $100.
payday lending noun [U]
(Definition of payday lender noun from the Cambridge Business English Dictionary © Cambridge University Press)
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