- California boasts the biggest number of payday lending companies.
- Texas holds second place in this category.
- The lowest number of payday lenders can be seen in Rhode Island.
Of all the US states, California has the most payday lending companies with over 2,451 creditors. The list is followed by Texas, with 1,675 payday lending companies. Next in line are Tennessee and Mississippi, with 1,344 and 1,100 lenders, respectively. Lastly, Rhode Island reports just five payday lenders.
Payday Lending Firms Per Capita
Payday loan lending figures vary depending on several factors. For instance, the numbers aren’t the same when you assess the number of companies compared to the number of people living in the state. New Mexico holds the top spot for having the biggest number of payday companies per 100k people. More specifically, the state has over 40 lending firms per 100k people. Next is South Dakota, with 40 payday lending firms. Last on the list is Mississippi, and its 38 payday loan companies per 100k people.
Payday Lending In US Cities
Borrowing a payday loan is most common in larger cities. Statistics show that about 7% of Americans that live in urban areas have taken out a payday loan. Additionally, 6% of Americans that live in exurban, rural, and small-town regions have borrowed a payday loan. The lowest figure features suburban residents and is about 3%.
US Payday Loan Statistics
Would you like to learn some additional interesting information about this type of loan in the United States? If so, these payday loans US statistics should be right up your alley!
- The average American borrower borrows about eight loans a year and spends $520 on APR.
- Only 2% of Americans over 70 have used payday loan services.
- About 9% of Americans between the ages of 25 and 29 have used such a loan.
- Over 52% of all payday loan borrowers are aged 25-44.
- Just 5% of prospective borrowers said they would go for online payday lending or any alternative options in states where these loans are illegal.
- The other 95% said they wouldn’t use any form of a payday loan.
- 6.3% of borrowers have used payday loans in states with moderate regulations in the past five years, while 6.6% use these loans in states with scarce regulation.
- Lastly, 2.9% of American adults have used this type of loan in states with very strict regulations.
Where To Find A Payday Loan Near Me
Are you on the hunt for the best payday loans near you? Lucky for you, Capital Pacific Loans helps you in your search. We offer payday loan products in the US states listed below:
Note that we’re still adding more states to the list. To check your payday loan eligibility, all you need to do is fill out our quick loan application. Applying only takes a few minutes, and you’ll get a fast decision. If all is in order, you may get the money within an hour. Meaning, a payday loan can be a great solution for quick cash emergencies, like an unexpected household expense or car issues.
Where To Find The Top Online Payday Loans?
Capital Pacific Loans is an online loan search engine that helps potential borrowers find the best loan for them. The best payday loan for you depends on several factors, like the amount you’d like to borrow, your financial situation, etc.
While we’re looking for the best loan for your situation, here are a few criteria every customer must meet:
- Be an American citizen over 18.
- Have a regular income of a minimum of $800 per month.
- An active bank account in your name.
- Be able to make repayments.