Last Updated on March 16th, 2023 at 03:44 pm
California has the highest number of payday lenders (2,451), more lenders than any other state. Whether you’re in Los Angeles or San Diego there’s no doubt you’ll be able to find a payday lender near you. Texas follows with a vast 1,675 payday lenders across the state. The study shows Tennessee (1,344), and Mississippi (1,100) next in line. Rhode Island has the least payday lending companies, with jut 5 in the state.
Payday Firms per Capita
Payday lending figures differ when you assess the number of companies in relation to the amount of people in the state. The highest number of payday loan firms per 100,000 people is found in New Mexico. New Mexico has 41.78 payday lending companies per 100,000 people. South Dakota follows closely with 40.01, and then Mississippi with 38.67.
Payday Loans in Cities
Payday loan borrowing is more common in cities. 7% of Americans who live in cities have used a payday loan:
- Urban – 7 (%)
- Suburban – 3
- Exurban – 6
- Small town – 6
- Rural – 6
Payday Loan Statistics US
Want to learn more about payday loans in the US? Here are some interesting statistics…
- On average, an American borrower takes out eight loans per year and pays $520 on interest.
- 2.9% of adults used a payday loan in the past five years in states with the strictest regulations.
- 6.3% use payday loans in moderately regulated states.
- 6.6% use payday loans in states with little regulation.
- Only 5% of potential borrowers would use online payday loans or alternative sources in states where there are no payday lending stores – 95% choose not to use any payday loans.
- 52% of all borrowers are aged 25 to 44.
- 9% of adults aged 25-29 have used a payday loan.
- Just 2% of people over 70 have used payday loans.
Payday Loans Near Me
Looking for a payday loan in your area? Pheabs may be the answer for you! We can help you to explore payday loan options in the following states:
- Alabama
- California
- Colorado
- Florida
- Illinois
- Indiana
- Iowa
- Kentucky
- Louisiana
- Maryland
- Ohio
- Tennessee
- Texas
Pheabs are also in the process of adding further locations. You can check your eligibility with us via out loan submission form.
You can complete our online loans request form in less than 5 minutes, after which you’ll receive an instant decision, and could have the funds transferred to you in as little as an hour – great for those needing access to cash fast, be it for a car breakdown, unexpected household emergencies or more.
What Is the Best Online Payday Loan?
Pheabs can help people find loans that meet their borrowing needs. The best online payday loan will differ from person to person, depending on various different personal details, including their current financial situation, their credit score, the amount they want to borrow and how long for.
While we try to tailor our search in finding the best loans for your personal needs, every customer will have to meet the following eligibility criteria:
- Be able to make repayments
- Have a live checking account (in which to receive funds)
- Be a US citizen over the age of 18.
- Have a steady, monthly income of at least $800.
Payday loans can help you get through when you’re in a tight spot and can’t see a way out. If you’re thinking about getting a payday loan, there are some dangers that you might want to be aware of. We all want the security of feeling that we are making a wise financial choice. For more information, read our guide: The Dangers of Payday Loans
