How Many Payday Loan Stores Are There In The USA?
Find out how many payday loan stores are near you, and what loan products are available near you. Then, pick the best one for your immediate cash needs. Know where and how with AdvanceSOS.
Cash emergency? Do you need access to the money right now to deal with a personal financial crisis? You can get a payday loan to help you. Payday loans are available 24/7, with easy-to-comply with requirements and fast cash approval.
But what do you do if you have no idea where you can get a payday loan? Are you wondering if there is even one available near you? Continue reading to know where and how to get a fast and easy payday loan today!
Payday Loans by State
Not all states allow payday loan lending. There have been many debates on it between borrowers and legislation. This has caused differences in the laws and regulations surrounding payday loans. Therefore, it is important to know if you live in a state that allows payday loans or not.
Payday lending regulations vary from state to state. As of March 2021,
- Twenty-five (25) states allow payday lending with no regulation
- Seven (7) states permit it with regulations
- Seventeen (17) states and the District of Columbia prohibit it
There are approximately 23,000 payday loan stores in total in the US. This is almost twice the number of McDonald’s outlets nationwide. This speaks volumes to the availability and accessibility of payday loans to everyone.
The terms and conditions of authorization of payday lending differ even within states. Read about state laws and local statutes to know what payday loan products are available for you.
States Where Payday Lending is Allowed
According to research,
- The state of California has the highest number of payday lenders (2,451), followed by Tennessee (1,344).
- But per capita statistics, New Mexico leads in the number of payday loan stores per person (~41 stores per 100,000 people).
Payday lending is legal in Alabama (AL), Alaska (AK), California (CA), Delaware (DE), Florida (FL), Hawaii (HI), Idaho (ID), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Nevada (NV), North Dakota (ND), Rhode Island (RI), South Carolina (SC), Tennessee (TN), Texas (TX), Utah (UT), Wisconsin (WI), and Wyoming (WY).
States Where Payday Lending is Regulated
In the following seven (7) states, there are soft regulations limiting payday lending. These include longer-term limits, cap fees, and limits on the number of loans allowed per person. The states where conditional payday lending is available are Maine (ME), New Mexico (NM), Ohio (OH), Oklahoma (OK), Oregon (OR), Virginia (VA), and Washington (WA).
Payday lending regulations vary from state to state. Make sure to know the specific details of the lending restrictions in your state.
Contact Information for State Regulators
Unregulated lending does not mean unsafe lending. File a complaint if you encounter poor service or have a complaint you would like to forward to a higher authority.
The Consumer Financial Protection Bureau, an independent bureau within the Federal Bank System, can assist you. The bureau monitors all licensed payday lenders and their lending practices.
Payday Loan Stores Online
Strictly speaking, there are more than 23,000 payday loan stores in the USA. This is because the number only accounts for the ones with physical stores. With the dawn of technology, the definition of a store – any store – has changed. As payday lending has now gone online, there is a high rise in demand. Thanks to the Internet, lenders and borrowers are able to make loan agreements without meeting in person.
Accessible online platforms like AdvanceSOS allow more lenders into the industry. Now, there are many lenders you can choose from. There is no one way to count how many there are.
AdvanceSOS connects hundreds to thousands of top lenders to borrowers. AdvanceSOS makes sure lenders and borrowers are legitimate, saving everybody time.
Where Can I Get a Payday Loan In The USA?
In the areas where you can, you can get your payday loan as either an over-the-counter loan or get one online. There are over 23,000 payday loan stores spread across the country. You can search them and their addresses online.
Online payday loans are so much easier. With the current situation, it may even be the best option. You can stay at home and get a loan online in as fast as 15 minutes. All you need is a phone, tablet, or computer device to get started.
Payday Loans with AdvanceSOS
AdvanceSOS offers the top online payday loan services in California, Mississippi, and Tennessee. Wherever you are in California, Mississippi, or Tennessee, we have a payday loan for you. You can borrow between $100 – $5,000, however much you need, and receive the cash as soon as the next business day.
AdvanceSOS is easy to use. It offers A+ service by providing fast online cash loans 24/7. AdvanceSOS is well-connected to the top payday lenders in the business. It only takes minutes for you to get in touch with the lenders, and you can see their deals.
You can choose from the hundreds of payday lenders willing to give a helping hand. A few clicks into a short application form, and you are good to go for instant approval.
So, what are you waiting for? Visit our website now to know the lenders near and available to you!
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in finance. She graduated with a Master’s degree in finance from the University of Oklahoma.