GITNUX MARKETDATA REPORT 2024

Payday Loan Industry Statistics [Fresh Research]

Statistic 1

"Payday loan industry revenue in the US is estimated at $5.5 billion annually."

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Statistic 2

"There are around 18,000 payday loan stores in the United States."

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Statistic 3

"Payday loan borrowers pay an average of $458 in fees for a $350 loan annually."

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Statistic 4

"12 million Americans use payday loans every year."

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Statistic 5

"80% of payday loans are rolled over or followed by another loan within 14 days."

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Statistic 6

"The average interest rate on payday loans is 391% APR."

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Statistic 7

"78% of payday loans are taken for recurring expenses, while 69% are taken for essentials."

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Statistic 8

"Only 49% of payday loan borrowers believe it was a good decision to use payday loans."

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Statistic 9

"53% of payday loan borrowers end up with more than 4 loans within a year."

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Statistic 10

"Online payday loan borrowers incur an average annual percentage rate (APR) of 650%."

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Statistic 11

"Approximately 2.5 million households take out at least one payday loan each year."

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Statistic 12

"Payday loans disproportionately impact African American and Hispanic communities."

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Statistic 13

"Borrowers between the ages of 25 and 49 are most likely to use payday loans."

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Statistic 14

"Approximately 27% of payday loan borrowers default on their loans."

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