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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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