Which need are payday lenders primarily filling in the market?

• A. Facilitating large business loans for corporate expansion
• B. Offering long-term investment opportunities for savers
• C. Providing short-term access to cash for individuals who lack traditional banking options
• D. Supplying low-interest mortgages for home buyers

Answer: (C)

Verified step by step guidance

1. Identify the primary function of payday lenders in the financial market, which is to provide quick, short-term loans to individuals.
2. Understand that payday lenders typically serve customers who may not have access to traditional banking services or credit options.
3. Recognize that payday loans are usually small amounts intended to cover immediate cash needs until the borrower's next paycheck.
4. Compare the options given and note that payday lenders do not facilitate large business loans, offer long-term investment opportunities, or supply low-interest mortgages.
5. Conclude that payday lenders primarily fill the need of providing short-term access to cash for individuals who lack traditional banking options.