What is payday lending? How to use in English

The term "payday lending" refers to a financing option that provides short-term, high-interest loans to individuals until their next payday. The term itself originated in the 1990s when these types of loans became increasingly popular in the United States. Historically, people in need of quick cash would obtain loans from "check-cashing" stores, which would cash their checks for a fee. As these stores began to offer small loans to customers, the term "payday" lending was coined to describe loans that were repaid on the borrower's next payday. The industry exploded in popularity during the late 1990s and early 2000s, as advancements in technology made it easier for lenders to provide loans online and via phone. As a result, the number of payday loan companies and storefronts grew rapidly, with some estimates suggesting that as many as 24,000 payday loan stores existed in the US as of 2014. However, these loans have come under heavy scrutiny due to the high interest rates and fees charged by lenders, which can trap borrowers in a cycle of debt. Critics argue that payday lending preys on economically vulnerable individuals and exacerbates financial instability. As a result, several countries and states have enacted restrictions or outright bans on payday lending practices.