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American Payday Loan Industry In Numbers
#1
I've done some research and I decided to share the info with you, guys. 

The payday loan business is booming! For some, payday lenders are a savior, others avoid them like the plague. This is the industry in numbers:

US Payday loan industry was worth:

$10 billion in 2002
$30 billion in 2012
$46 billion in 2015 (according to reports in the media) 

2014:

McDonald's restaurants: 14 270
Payday lenders: 20 000 (according to St. Louis Federal Reserve)

Revenue for online payday lenders:

$1.5 billion in 2006
$4 billion in 2015

Number of people who use payday loans each year:

12 million

Legality:

legal in 27 states
legal but with some sort of restrictions in 9 states
illegal in 14 states

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So, it turns out almost half of America has either banned or restricted in some way payday loans. Yet, the industry is still booming. What is the explanation? Are people having so many emergency expenses these days that they choose to live in debt or have they just become poorer and need a constant flow of cash?
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#2
The cost of living has increased in the US, especially in regards to housing, which is probably pushing more and more people into debt. It's mostly the people from vulnerable groups, such as immigrants, less educated and African-Americans that are apparently using the loans to cover basic living expenses. Those people are probably indebted most of the time.
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#3
That is a sad statistic. There are so many better things to do if you are in debt rather than using payday loans. There is probably going to be a massive financial default in this country from so many people using these unsavory loan types. It is sad.
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#4
Payday loans in America are now become trends. It has now become a demand for some reason. But Let see how it grows in numbers. 20,600 payday loan location only in U.S.A with more than 50,000 US citizen earning wages of $2 billions. Payday loans are utilized by working class citizen in 10 million houses who go through cash flow shortage, 65%. Extend around $38.5 billions in credit to short term loan. A total of $2.6 billion is borrowed in the form of payday loan every year in the US. The online payday industry is also booming, from $1.5 billion dollar to a huge $4 billion dollar.
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#5
Apparently the payday loan industry has really strong lobbyists. They spend more and more money each year to make sure the Congress doesn't pass laws that would do damage to their business. There have been reports about Washington lawmakers trying to double the number of payday loans a borrower can take out in one year. This number is capped at 8. What does this tell you? It's all about the money, money run the world and rich people come first.
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#6
A payday loan is booming in the US because of the cost of living. I remember that the US has gone a financial crisis way back due to some loans that the citizens didn't afford to pay so tendency their economy has dropped so everyone is affected by a bad economy. There were lots of Insurance and Credit Companies have been declared bankrupt. So I think the Government is taking other options to ease the financial needs of their citizens so the economy won't drop again.
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#7
It has now turned into an interest for reasons unknown. However, Let perceive how it develops in numbers. 20,600 payday credit area just in U.S.A with more than 50,000 US native gaining wages of $2 billions. Payday credits are used by common laborers resident in 10 million houses who experience income lack, 65%. Stretch out around $38.5 billions in credit to here and now advance. An aggregate of $2.6 billion is obtained as payday credit each year in the US. The online payday industry is likewise blasting, from $1.5 billion dollar to a gigantic $4 billion dollar.
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#8
It is quite surprising to see the enormous rise of payday loans. A payday loan basically gets you into debt pretty quickly, and if you're struggling to make ends meet, then the debt just keeps increasing, plus the high-interest rates. And getting into debt puts you in a lot of stress. Therefore, I'm quite shocked to see the above statistics. Why do people want to be in debt? Nevertheless, taking into account the high living costs in most countries, some people are forced to take payday loans. So, I don't blame the people. I want to blame the establishment for making it so hard on those who are needy.
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#9
It's only going to go up as the poverty rate goes up, in my honest opinion. More and more people are going to need "emergency money" and these lenders will be making bank on those interest fees. It's an unfortunate situation but I have a feeling this is how it's going to go. I wouldn't be surprised if by 2020 the number of people getting payday loans doubles if not triples.
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#10
This is an indication that people live on debt and that lenders prey on desperate people. I would not be surprised if most of these loans are taken by people just to pay for another debt or to buy something they don't need. There is saying in my country that the middle class are fake and is made up of people who are living a life, they can't afford on debt just to show off. These numbers are prof of that. The industry is clearly making a huge profit.
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