Payday Lending Fast Facts

• Ninety-one percent (91%) of all payday loans are made to borrowers with five or more payday loans per year.
• Predatory payday lending costs American consumers $3.4 billion per year in excess fees.
• Only one percent (1%) of all loans go to one-time emergency borrowers.
• In the last decade, the number of payday lending stores in the US has grown from 300 to 15,000, generating $25 billion in loan volume.
• Each year, more than five million Americans are caught in the “debt trap” of payday lending.
• Fifteen states do not authorize payday lending.

Reprinted with kind permission of the Center for Responsible Lending, April 2004.

Source: Center for Responsible Lending