To avoid becoming overly reliant on high-cost financial products and potentially falling into a cycle of debt, it’s generally recommended to limit the number of payday loans to one or two at a time. This rule is reflected in the law across various states such as Alabama, Florida, Illinois, Indiana, or Iowa.
Payday lenders are typically small private lenders. There are more than 20,000 lenders across the US today. However, some payday lending companies are not small and private but are large, publicly traded companies with listed stocks. Find out more
Payday lending is legal in 32 states across America. However, the scale of the payday lending industry within each state can be widely different. As such, we decided to investigate and compile a definitive guide on the size of the payday lending industry within each state.
Payday Loans have some of the highest annual percentage rates (APR) out of all credit products. There are multiple factors which affect the APR charged on a loan but there are 2 main reasons that payday loans have such high APR’s.
Regardless of your employment status it is still possible to get a short-term loan. However, although you may not be employed, lenders will still require you to have a regular source of income.
Some payday lenders are happy to lend money to individuals with poor credit scores. However, consumers should be cautious from who they take a loan.
Some lenders accept copies of payslips and / or bank statements as proof that you are employed and have a consistent income. However, some payday loan lenders will need to contact your employer to confirm that you are employed at the company that you have specified on your application.