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2. What is the size of the payday loan industry in USA?

The size of the payday loan industry in USA is estimated to be around $46 billion. According to The Pew Charitable Trusts, around 12 million adults in America use payday loans every year. About 5.5% of adults from across the nation have taken a payday loan during the last 5 years.

About 3/4th of the borrowers used storefront lenders and nearly 1/4th of them borrowed online. According to state regulatory data, borrowers take out 8 payday loans per year. They spend around $520 on interest and the average size of a loan is $375.

The following 5 groups are more likely to have taken a USA payday advance:

  1. Home renters
  2. People who don’t have a 4-year college degree
  3. African Americans
  4. People who are divorced or separated
  5. Those who earn less than $40,000 per year

Most of the borrowers use the loans to manage everyday living expenses. A big net reduction in the use of payday loans is seen in states that enact stringent legal protections.

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How can I take out a cash advance loan?

All you need to do is to fill out the online application form on our website and submit it. We will try to connect you to a suitable lender within minutes.

If we find a suitable lender, you may be asked to sign electronically to accept the loan terms. You will not be under any obligation to accept the loan offer. There is no need to sign if you are not satisfied with the terms. You can apply again if you want to look for another lender.

The lender will usually deposit the loan amount electronically into your bank account on the following business day. In most cases you can choose a payment option that suits you. Your lender will process all payments from your banking account via electronic transfer.

How soon can I get the money?

Lenders who offer personal loans usually process applications immediately, so you could have the funds in your account on the next business day after you are approved. If you submit your application on a holiday or weekend, the lender will transfer the funds on the following business day. 

What do I need to get a payday cash loan?

You need to be at least 18 years old, have a steady source of income and have an active bank account. To qualify for a loan, you will have to fulfill the approval criteria of the lending company with which you are matched.

If an assigned lending company accepts your loan application, it may get in touch with you directly to request more information which may be needed for approval. Please fill out facts that can be verified in our application form.

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