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 …
Key U.S. Payday Loan Debt Statistics: What Everyone Needs to Know Read More »
Thousands of Texans struggle with payday loans every day. Debt consolidation is a solution. If you’re one of the thousands of Texans stuck in the rut of payday loan cycles, you’re not alone. Texas has 1,675 storefront payday lenders, and Texans have paid over $1.2 billion in payday loan fees. Fortunately, there’s a solution for …
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 …
The differences between microloans and payday loans Read More »
