Payday Loans

Key U.S. Payday Loan Debt Statistics: What Everyone Needs to Know

This page contains statistics about the state of payday lending in the United States, curated by our editorial team. We will continue to add and update statistics as new data becomes available. (Updated January 2023) 12 million Americans use payday loans each year. As of 2021, there were more than 23,000 payday loan storefronts in …

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The differences between microloans and payday loans

Microloans and payday loans are sometimes conflated, but very different types of financial products. Both are small loans to low-income individuals who typically have no credit score or access to traditional financial products. However, microloans are designed to help low income individuals start businesses, whereas payday loans are designed to give short term credit between …

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