What US State Is Most Likely To Apply For Payday Loans?
California has the highest number of payday lenders, more than any other state. No matter where you are in California, Los Angeles, or San Diego, you will be able to find a payday lender close to you.
Texas is next with 1,675 payday lenders. According to the study, Mississippi (1,100), and Tennessee (1,344) are next. 5 payday lenders are available in Rhode Island. This is the state with the lowest number.
Payday firms per capita
When you compare the state’s population with the number of payday lenders, the numbers can be quite different.
New Mexico has the highest ratio of payday loan companies per 100,000 residents. New Mexico is home to 41.78 payday loan companies per 100,000 residents. South Dakota is closely followed by Mississippi, which has 38.67.
Payday loans in Cities
In cities, payday loan borrowing is more common. A payday loan is used by 7% of Americans who reside in cities.
- Urban – 7%
- Suburban – 3%
- Exurban – 6%
- 6 in a small town
- Rural – 6%
US Statistics on Payday Loans
Are you interested in learning more about US payday loans? These are some fascinating statistics.
- An American borrower averages eight loans per year and pays $520 in interest.
- 2.9% of adults have used a payday loan within the last five years in states that have the strictest regulations.
- 6.3% of people use payday loans in states that are moderately regulated.
- 6.6% of payday loans are taken out in states that have little regulation.
- Only 5% would consider using online payday loans, or other sources in states without payday lending shops. 95% prefer not to use payday loans.
- 52% of all borrowers were between 25 and 44 years old.
- A payday loan was used by 9% of adults between 25 and 29 years old.
- Only 2% of those over 70 have ever used payday loans.
Payday loans near me
Are you looking for a payday loan? You might be a candidate for Oak Park Financial. We can help with the following states payday loan options:
Oak Park Financial is currently adding more locations. Use our loan submission form to check your eligibility.
Our online loan request form takes less than five minutes. After that, you will receive an instant decision and may have funds transferred within an hour. This is great for anyone who needs cash quickly, whether it’s for a car breakdown or an unexpected household emergency.
What is the best online payday loan?
Oak Park Financial can help you find the right loan for your borrowing needs. Many factors will determine which online payday loan is best for you. These include your financial history, credit score, current financial status, how much they need, and the length of time they plan to borrow.
What are the qualification requirements for our payday loans?
We will do our best to find the best loan for you, but every customer must meet these eligibility requirements:
● Over 18 years old
● You must be a US citizen
● A steady minimum monthly income of $800
Payday loans are a great option for those times when you need financial help. But there are some risks to consider when you think about applying for a payday loan.
high interest rates
financial protection bureau cfpb
annual percentage rate
center for responsible
consumer financial protection bureau
pew charitable trusts