What payday loans are out there?

July 12, 2021 0 Comments

Credit card debt is growing rapidly in the U.S., and the average payday loan is expected to be $3,500.

But how much do people actually pay back on loans?

The number of payday loans outstanding is rising.

About 60 per cent of people who are on payday loans owe more than $1,000, according to data from the Federal Reserve Bank of San Francisco.

In 2016, payday loans accounted for nearly one-third of all loans issued in the United States, up from one-quarter in 2015.

The number of loans issued rose about 17 per cent to $7.8 billion in 2016, up nearly $3 billion from 2015.

The number who get loans is rising, too.

The total amount owed on payday loan loans in the US grew about 10 per cent last year to $6.6 billion, up by nearly $1 billion from the previous year.

About one in five payday loans in 2017, or about $2.6 trillion, is owed to a consumer with a credit card.

That figure was higher than the $2 trillion owed to consumers in the first quarter of 2017, according a report by CreditCards.com.

The average payday loans amount increased in every state except Connecticut, where the average loan increased by just 4 per cent.

States with the highest number of borrowers on payday debt in 2017:Florida, Louisiana, Ohio, Wisconsin, New Hampshire, Indiana, North Carolina, Iowa, Nevada, Pennsylvania, Tennessee, Texas and Louisiana, according the report.

The total amount of payday debt owed in 2016 was $3.9 trillion, according CreditCars.com, up about $300 billion from last year.

The average amount owed per borrower in the country was $5,000 in 2016.

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