The Pachyy Editorial Team comprises a diverse and experienced team of writers, researchers and subject matter experts whose aim is to provide you with useful insights, guidance and commentary on all matters related to your personal finances.
Did you know that California has the most payday lenders in the entire country? With a whopping 2,451 lenders, you’ll have no trouble finding one whether you’re in Los Angeles or San Diego. Texas comes in second with a generous 1,675 lenders throughout the state. Following closely are Tennessee with 1,344 lenders and Mississippi with 1,100 lenders. On the other hand, Rhode Island has the fewest payday lending companies, with only 5 in the entire state. So if you ever need a payday loan, California is the place to be!
Payday Loan Companies per Capita
When considering the number of payday loan companies in relation to the population of a state, the figures can vary. In New Mexico, for example, you will find the highest number of payday loan firms per 100,000 people, which is 41.78. Coming in closely behind are South Dakota with 40.01 and Mississippi with 38.67.
Payday Loans in Cities
It’s quite common for people living in cities to borrow payday loans. Around 7% of Americans residing in urban areas have utilized payday loans as financial assistance:
- Urban – 7%
- Suburban – 3%
- Exurban – 6%
- Small town – 6%
- Rural – 6%
Payday Loan Statistics in the US
Interested in learning more about payday loans in the US? Here are some fascinating statistics that you might find helpful:
- On average, the typical American borrower takes out a total of eight loans each year, resulting in an average interest payment of $520.
- In states with the strictest regulations, around 2.9% of adults have utilized payday loans within the past five years.
- In moderately regulated states, approximately 6.3% of adults have turned to payday loans.
- In states with little regulation, approximately 6.6% of adults rely on payday loans.
- In states without any payday lending stores, only 5% of potential borrowers opt for online payday loans or alternative sources, while the majority (95%) choose not to use any payday loans at all.
- Among all borrowers, 52% are aged between 25 and 44 years old.
- Within the age group of 25-29, around 9% of adults have utilized payday loans.
- However, only a mere 2% of individuals over the age of 70 have resorted to using payday loans.
We hope you find these statistics useful in expanding your knowledge about payday loans in the US!
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Find Payday Loans Near You
Are you in need of a payday loan in your area? Look no further than Pachyy! We are here to assist you in exploring payday loan options in the following states:
Additionally, Pachyy is actively working on adding more locations. To find out if you are eligible for a loan, please fill out our loan submission form.
Completing our online loans request form takes less than 5 minutes. You will receive an instant decision, and if approved, the funds could be transferred to you in as little as an hour. This is perfect for those who need quick access to cash for unexpected situations such as car breakdowns or household emergencies.
Looking for the Best Online Payday Loan?
At Pachyy, we are here to assist you in finding the perfect loan that caters to your specific borrowing needs. The best online payday loan varies depending on personal factors such as your current financial situation, credit score, desired loan amount, and repayment duration.
Rest assured that we strive to customize our search to ensure the best loan options for you. However, there are certain eligibility requirements that every customer needs to meet, including:
- Ability to make loan repayments
- Active checking account for fund disbursement
- Being a US citizen aged 18 or above
- Having a steady monthly income of at least $800
In times of financial urgency, payday loans can provide relief. However, it’s important to be aware of potential dangers associated with them. We all want to make financially sound decisions. For more insights, we recommend reading our guide: The Dangers of Payday Loans.