Pay Day Lender

Lenders who provide small, short-term loans that are intended to cover the debtor’s expenses until the next pay day, or cover some other unforseen expense.  Payday lenders are often criticised for exploiting financial hardship and charging high interest rates.  For example, a debtor may borrow $100 and repay $125 the next fortnight.  This is an annual interest rate of 650%