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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

 
 
 
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