Lender cried out to Rishi initially (8)
I believe the answer is:
creditor
'lender' is the definition.
(creditor is a kind of lender)
'cried out to rishi initially' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'initially' indicates taking the first letters.
The initial letter of 'rishi' is 'r'.
'cried' is an anagram of 'credi'.
'credi'+'to'+'r'='CREDITOR'
(Other definitions for creditor that I've seen before include "Cried rot (anag.)" , "He should be paid" , "The one to whom debt is due" , "to whom something is due" , "Person to whom money isowed" .)