Get the Money You Need Effortlessly
Once upon a time there were no payday loan providers. The closest thing to it was people who would buy a person's paycheck at a discount on face value. Now there are tens of thousands of outlets offered by hundreds of lenders. In fact, it has been reported that there are more storefronts for this vital service across America than there are McDonalds and Burger Kings, plus retailers like Sears, J.C. Penney, and Target stores put together! With total lending of approximately $8 billion in the early part of the new century, industry estimates are now in excess of $50 billion in borrowing annually! With that kind of growth, it sure seems that Americans want payday loans as much as they want fast-food and affordable fashion!
Loans for those with poor credit gives millions of hard-working Americans the help they need when they need it most. And with the economy and credit tight for even those with good credit, there has never been more opportunity for those in the payday lending industry. Minorities and those in the military seem to be particularly drawn to the easy application process and the fact that many check cashing stores are right in their neighborhoods - sometimes where traditional banks would fear to tread.
But as most of our readers know already, borrowers are not whom most would expect. Rather, according to one study done by Marketdata Enterprises showed that nearly half of all borrowers own their own home. They are typically hardworking folk in their thirties who make over $40,000 a year. Not all the picture of an exploited underclass that some consumer advocates try to paint. And most borrowers are actually thankful that they have an alternative to banks that are hard-pressed to forgive a few missed payments and the like which so quickly erode a person's credit rating.
Who Are the Big Players in Payday Lending?
So, who are the big boys in this growing industry anyway? So successful are they that several have gone public and offer publicly traded stock in their companies!
Well, the acknowledged largest lender in the country, based on total dollar volume lent, is Advance America, based out of South Carolina. They have an estimated nearly 3,000 stores across the nation.
Next comes ACE Cash Express who are headquartered in Dallas, Texas. But they too have stores across the heartland of this country, approaching 2,000 stores in nearly 40 states plus Washington D.C. Then, there is Ohio's own Check 'n Go. Third on the list, Check 'n Go have about half as many stores as Advance America, but they are growing quickly.
A little further down the list in terms of number of outlets is Cash America, also based in Texas. They have about 800 locations.
Pennsylvania's Dollar Financial has about the same number of outlets as Cash America though less lent out, but they have even gone international!
Rounding out the top five is Check Into Cash which actually has almost as many stores as Cash America and Dollar Financial combined, spread out across over 30 states.