What is a "Payday Loan Industry"? The Most Authoritative Explanation.

What is a "Payday Loan Industry"? The Most Authoritative Explanation.

What is the payday loan industry worth?

Payday loans are illegal in the remaining fourteen states including the District of Columbia. The payday loan market in the US has been declining since around 2010. Currently, in 2020, the industry is valued at around $11.2 billion. Still, nearly 12 million Americans will take out a payday loan each year.

What factors are driving the growth of the payday loans market?

Factors such as rising awareness about payday loans among the younger generation are driving the growth of the market. Additionally, the increasing adoption of advanced technologies among payday lenders is boosting the growth of the market. The COVID-19 pandemic had a negative impact on the market.

How much do payday loans cost?

Payday loans generally charge a percentage or dollar amount per $100 borrowed. The amount of this fee might range from $10 to $30 for every $100 borrowed, depending on your state law and the maximum amount your state permits you to borrow. A fee of $15 per $100 is common.

What is the maximum amount you can borrow for a payday loan?

The loans are for small amounts, and many states set a limit on payday loan size. $500 is a common loan limit although limits range above and below this amount. A payday loan is usually repaid in a single payment on the borrower’s next payday, or when income is received from another source such as a pension or Social Security.

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  Krysten Sinema Started a Consulting Firm with Arizona Figure Connected to Payday Loan Industry

  2023-03-27

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