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English definition of “private lender”

private lender

noun [C]     FINANCE
a person or organization that lends money to people who are having difficulty getting loans , usually at a higher rate than a bank would charge : Many people are turning to small private lenders when the bank turns them down for a loan .
a private , not a government , organization that lends money : The Federal Housing Administration does not make loans ; it provides mortgage insurance to borrowers through a network of private lenders .
(Definition of private lender noun from the Cambridge Business English Dictionary © Cambridge University Press)
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