You could have considered payday loan when in situation of financial tension you required quick money and these loans were the only option. They still remain one of the most used financial tools to solve the issues with funds’ availability here and now. In minds of people they have long become the lifeline giving a decent life until the next paycheck comes. However, there are also some details which you as a common user may not be aware of.
It is not surprising that a payday loan has become so popular among the US residents and those holding a permanent resident statues. Given that they enable one to get a relatively small amount of money now and repay it within the following few days or month right before one gets the required funds, for some it is hard to imagine life without these loans. Generally speaking, micro crediting is evolving and becomes more popular.
Interesting Facts On Payday Loans
Since payday loans are so massively popular, there are a few interesting facts about them stemming from certain statistical researches. These facts will give you a rough idea of how many people actually use this instrument and how does it compare to the quantity of other principally American things like McDonalds.
So, below are the top 5 facts about payday advances which will definitely blow your mind:
- a common borrower takes out an average of 8 loans per year: if you think you are the only one experiencing certain mismanagement issues when it comes to your finances, practice shows just the opposite. There are many loans taken out every day by their borrowers;
- payday loans cover 32 US states: as for such a new industry in finances, this is quite a rate. Several states still prohibit the usage of this instrument. These include but are not limited to Arizona, Arkansas, District of Columbia, Georgia, New Mexico, and North Carolina;
- number of online money lenders is larger than that of McDonalds: we all know that it is almost impossible to imagine modern US without McDonalds. Apparently, the same assumption applies to payday advances which have become that important in the society of the country;
- extreme accessibility and ease of usage: to be able to take out money in debt for less then 15 minutes is an unprecedented experience for the whole banking sphere. If traditional loans would take the same amount of time, the economy would be booming owing to the rapid finances circulation;
- a game-changer for the industry: microfinancing in the business spheres has definitely changed the way things are done. Nowadays, entrepreneurs have more financial freedom and thus are able to make bolder decisions.
It is not surprising that payday loans attract that much attention as they are incredibly popular in the US. Even though not available in all of the country’ states, there are still more online money lenders than McDonalds. This means much more than being available in all states.