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Payday Loans

What US State Is Most Likely To Apply For Payday Loans?

By July 29, 2022September 27th, 2022No Comments
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Which the USA States Apply for the Most Payday Loans?

California has the highest number of payday lenders, more than any other state. No matter where you are in California, Los Angeles, or San Diego, you will be able to find a payday lender close to you.

Texas is next, with 1,675 payday lenders. According to the study, Mississippi (1,100) and Tennessee (1,344) are next. 5 payday lenders are available in Rhode Island. This is the state with the lowest number.

Payday firms per capita

When you compare the state’s population with the number of payday lenders, the numbers can be quite different. 

New Mexico has the highest ratio of payday loan companies per 100,000 residents. New Mexico is home to 41.78 payday loan companies per 100,000 residents. South Dakota is closely followed by Mississippi, which has 38.67.

Payday loans in Cities

In cities, payday loan borrowing is more common. A payday loan is used by 7% of Americans who reside in cities.

  • Urban – 7%
  • Suburban – 3%
  • Exurban – 6%
  • 6 in a small town
  • Rural – 6%

US Statistics on Payday Loans

Are you interested in learning more about US payday loans and who is using them? These are some fascinating statistics.

  • An American borrower averages eight loans per year and pays $520 in interest.
  • 2.9% of adults have used a payday loan within the last five years in states that have the strictest regulations.
  • 6.3% of people use payday loans in states that are moderately regulated.
  • 6.6% of payday loans are taken out in states that have little regulation.
  • Only 5% would consider using online payday loans or other sources in states without payday lending shops. 95% prefer not to use payday loans.
  • 52% of all borrowers were between 25 and 44 years old.
  • A payday loan was used by 9% of adults between 25 and 29 years old.
  • Only 2% of those over 70 have ever used payday loans.

Payday loans near me

Are you looking for a payday loan? You might be a candidate for DimeBucks. We can help with the following states’ payday loan options:

DimeBucks is currently adding more locations. Use our loan submission form to check your eligibility.

Our online loan request form takes less than five minutes. After that, you will receive an instant decision and may have funds transferred within an hour. This is great for anyone who needs cash quickly, whether it’s for a car breakdown or an unexpected household emergency.

What is the best online payday loan?

DimeBucks can help you find the right loan for your borrowing needs. Many factors will determine which online payday loan is best for you. These include your financial history, credit score, current financial status, how much they need, and the length of time you plan to borrow.

What are the qualification requirements for our payday loans?

We will do our best to find the best loan for you, but every customer must meet these eligibility requirements:
● Over 18 years old
● You must be a US citizen
● A steady minimum monthly income of $800


Payday loans are a great option for those times when you need financial help. But there are some risks to consider when you think about applying for a payday loan. 


bank account
united states
high-interest rates
million American
financial services
short term
financial protection bureau cfpb
annual percentage rate
center for responsible
borrow payday
credit card
consumer financial protection bureau
February 2019
lenders charge
business model
pew charitable trusts
unsecured loans

Wenn Lauren Snow

Frequently Ask Questions

A payday loan (sometimes referred to as a cash advance or a payday advance) is a small loan borrowed for a brief period of time, often until the borrower's next payday. These short-term loans feature high interest rates and need no collateral (unsecured loans). It is not advised to use payday loans for an extended period of time. The rates and terms of payday loans vary by state.

A title loan (sometimes referred to as a title pawn or a car title loan) is a short-term loan where the vehicle title serves as collateral. Due to the fact that lenders of title loans do not verify borrowers' credit histories, these loans are popular among those with poor credit. Typically, title loans are taken out by borrowers who need cash quickly or have financial issues.

Unsecured loans, such as payday loans or installment loans, are supported solely by the borrower's creditworthiness, as opposed to secured loans, which need collateral. Secured personal loans include car title loans and pawn loans, for example.

State rules determine the maximum amount you can borrow as a short-term loan. In certain states, short-term loans (also known as payday loans) are prohibited, while in others they are permitted with a maximum loan amount. Visit our rates and terms page to get state-specific lending conditions. In addition to state legislation, additional factors may alter the conditions of your loan.

A personal loan that is repaid over time with a predetermined number of periodic payments or installments is known as an installment loan. Due to the lower APR, installment loans can be taken out over a longer term than payday loans. Installment loans are commonly seen as a preferable alternative to payday loans. Typically, installment loans are repaid in predetermined amounts that include both principal and interest.

The Annual Percentage Rate, or APR, is an annualized version of your interest rate. When picking between several types of loans, the APR assists in comparing the costs of each. The annual percentage rate (APR) for a loan may include costs, such as origination fees. Remember that while APR is essential, it is only one of several elements to consider when selecting a loan.

Yes. Your credit score is not the only criteria taken into account when analyzing your loan application. However, a low credit score can result in higher interest rates and fewer lending possibilities. A title loan is a popular option for consumers with poor credit because title loan lenders do not consider credit history.

Credit score ranges differ depending on the credit scoring algorithm employed and the credit bureau that generates the score. According to FICO, a credit score between 300 to 579 is poor or very poor. A satisfactory credit score ranges from 580 to 670. Credit scores are determined differently depending on the credit scoring model's parameters, such as payment history, amounts owing, length of credit history, etc.