The state of California has the highest number of payday lenders.
Texas has the second-highest volume of payday lending.
Rhode Island has the least.
California has the highest number of payday lenders (2,451), more lenders than any other state. Whether you’re in Sacramento, 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
- 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.