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Payday Loans in the US
Payday loan in the US can be obtained from the payday lenders at payday loan stores or online via internet payday lenders. The payday loan industry started its modern resurgence as storefront lenders but quickly migrated to the internet to make and collect loans electronically from borrowers’ bank accounts. This is evidence with the decreasing number of payday loan stores since 2006. An estimated 19,700 payday loan stores are operating at the end of 2010, compares to 20,600 stores at the end of 2009.
In 2010, combined storefront and internet payday lending have an estimated totals $40.3 billion in loans and $7.4 billion in revenue. An estimated $29.2 billion with $4.7 billion in revenue loans are made by payday loan stores, while internet payday lenders are estimated to have loaned $10.8 billion and collected fees of $2.7 billion in 2010.

Important Notice: Payday loans are extremely expensive small loans secured by direct access to the borrower’s bank account, either through a post-dated check or other authorization to withdraw funds from the account on the borrower’s next payday. It is advisable for you to do a comparison shop for the lowest fees and penalties before getting your payday loan.

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Online Payday Loans in the US

Internet payday lenders require electronic access to borrowers’ bank accounts. Instead of holding a paper check to secure payment of loans made at payday loan stores, payday internet lenders gain authorization to electronically deposit loan proceeds and withdrawn payments directly from borrowers’ bank accounts.
Online payday loan size varies by lender(from $100 to $1500) and by whether the online lender complies with state payday loan limits, with payment due on the borrower’s next payday with loan terms ranging from 5 to 30 days.
Normally, online payday loan applications request personal and financial information, including the applicant’s Social Security number, bank account and routing number, and employment or source and frequency of income. Internet payday lenders also required borrowers to provide authorization for the lender to access the bank account to electronically deposit the loan proceeds and to withdraw payment from the account.
Loan proceeds are delivered, typically by the next business day, by direct deposit through the Automated Clearing House system(ACH) or by the Federal Reserve Fed Wire facility. Some lenders will also make loan proceeds available to be picked up at MoneyGram outlets or loaded onto a prepaid debit card sold or provided by the lender.
The qualification for online payday loan varies by lender. Commonly, applicants must be at least 18 years of age, have a checking account and earn at least a minimum, preset monthly income.

Payday Loans in Washington

The number of payday lenders in Washington reduced 12% to 46 companies in 2013, compares to 52 companies a year ago. The 46 companies have 128 branches(15% decrease compares to 151 branches in 2012) in 174 locations(14% decrease compares to 203 locations in 2012). The number of payday lending locations has decreased almost 77% since its height of 742 locations in 2006.
There are 871,801 number of small loans made in 2013, a decrease of 37,769 or 4.15% compares to 909,570 in 2012. The total loans amounted to $331,430,078, a decrease of $11,559,673 or 3.37% compares to $342,989,751 in 2012. The average payday loan is $380.17 in 2013, a slightly larger amount compares to $377.09 in 2012.
The total payday loan fees amounted to $47,502,224 in 2013, a decrease of $1,605,460 or 3.27% compares to $49,107,684 in 2012. The average payday loan fee in 2013 is $54.49, a marginal increase compares to $53.99 in 2012.
There are 231,868 number of unique customers in 2013, with 68,736 customers or 29.64% taken out the maximum 8-loan limit. Out of the 871,801 small loans made in 2013, 12.40% or 108,807 is converted to installment plan. In 2013, there are 45,756 customers with a transaction goes into default.
There are 453 complaints received from payday lenders in Washington State in 2013, where 330 or 73% are against online payday lenders.

The number of payday lenders in Washington reduced 24% to 52 companies in 2012, compares to 68 companies a year ago. The 52 companies have 151 branches(20% decrease compares to 188 branches in 2011) in 203 locations(21% decrease compares to 256 locations in 2011). The number of payday lending locations has decreased 73% since its height of 742 locations in 2006.
There are 909,570 number of small loans made in 2012, an increase of 53,741 or 6.28% compares to 855,829 in 2011. The total loans amounted to $342,989,751, an increase of $16,316,632 or 4.99% compares to $326,673,119 in 2011. The average payday loan is $377.09 in 2012, a slightly smaller amount compares to $381.70 in 2011.
The total payday loan fees amounted to $49,107,684 in 2012, an increase of $2,440,826 or 5.23% compares to $46,666,858 in 2011. The average payday loan fee in 2012 is $53.99, a marginal decrease compares to $54.53 in 2011.
There are 236,538 number of unique customers in 2012, with 65,938 customers or 27.88% taken out the maximum 8-loan limit. Out of the 909,570 small loans made in 2012, 9.64% or 87,674 is converted to installment plan. In 2012, there are 54,031 customers with a transaction goes into default.
There are 388 complaints received from payday lenders in Washington State in 2012, where 297 or 77% are against online payday lenders.

The number of payday lenders in Washington reduced 20% to 68 companies in 2011, compares to 85 companies a year ago. The 68 companies have 188 branches(45% decrease compares to 339 branches in 2010) in 256 locations(40% decrease compares to 424 locations in 2010). The number of payday lending locations has decreased 65% since its height of 742 locations in 2006.
There are 855,829 number of small loans made in 2011, a decrease of 237,947 or 21.75% compares to 1,093,776 in 2010. The total loans amounted to $326,673,119, an increase of $107,438,624 or 24.75% compares to $434,111,743 in 2010. The average payday loan is $381.70 in 2011, a smaller amount compares to $397 in 2010.
The total payday loan fees amounted to $46,666,858 in 2011, a decrease of $14,625,846 or 23.86% compares to $61,292,704 in 2010. The average payday loan fee in 2011 is $54.53, a marginal decrease compares to $56.04 in 2010.
There are 233,835 number of unique customers in 2011, with 56,326 customers or 24.09% taken out the maximum 8-loan limit. Out of the 855,829 small loans made in 2011, 9.52% or 81,462 is converted to installment plan. In 2011, there are 60,863 customers with a transaction goes into default.
There are 286 complaints received from payday lenders in Washington State in 2011, where 145 or 51% are against online payday lenders.

The number of payday lenders in Washington reduced 22% to 85 companies in 2010, compares to 109 companies a year ago. The 85 companies have 339 branches(24% decrease compares to 449 branches in 2009) in 424 locations(30% decrease compares to 603 locations in 2009).
There are 1,093,776 number of small loans made in 2010, a decrease of 2,150,248 or 66.28% compares to 3,244,024 in 2009. The total loans amounted to $434,111,743.00, a decrease of $901,917,102.01 or 67.51% compares to $1,336,028,845.01 in 2009. The average payday loan is $397 in 2010, a smaller amount compares to $412 in 2009.
The total payday loan fees amounted to $61,292,704.00 in 2010, a decrease of $122,144,575.38 or 66.59% compares to $183,437,279.38 in 2009. The average payday loan fee in 2010 is $56.04, a marginal decrease compares to $56.55 in 2009.
Beginning January 1, 2010, borrowers are limited to eight loans in any twelve-month period from all lenders. There are 280,587 number of unique customers in 2010, with 43,930 customers or 15.66% taken out the maximum 8-loan limit.
Beginning January 1, 2010, borrowers are entitled to an installment loan at any time prior to default. Borrowers do not have to pay a fee for the installment plan and have from 90 to 180 days (depending on the original loan amount) to repay the loan in a series of installments. Out of the 1,093,776 small loans made in 2010, 13.35% or 146,065 is converted to installment plan. There are 93,601 customers who started an installment plan in 2010.
In 2010, there are 72,563 customers with a transaction goes into default.
There are 324 complaints received from payday lenders in Washington State in 2010, where 162 or 50% are against online payday lenders.

Payday Loans in Colorado

There are 481,122 number of small loans made in Colorado in 2013(data from 39 individual lenders – some with multiple licensed locations), an increase of 40,257 or 9.13% compares to 440,865(data from 42 individual lenders – some with multiple licensed locations) in 2012. The total loans amounted to $189,125,729, an increase of $19,903,171 or 11.76% compares to $169,222,558 in 2012. The average payday loan is $393.09 in 2013, compares to $383.84 in 2012.
As of December 31, 2013, there are 165,969 number of outstanding payday loans amounted to $55,585,316 in Colorado.
In 2013, there are 98,155 number of defaulted payday loans, amounted to $42,187,560.
The payday loans in 2013 is made to 259,000 customers. 253,467 customers with 6 or less new or refinanced loans; 5,000 customers with 7 to 12 new or refinanced loans and 333 customers with 13 or more new or refinanced loans.

There are 440,865 number of small loans made in Colorado in 2012(data from 42 individual lenders – some with multiple licensed locations), a decrease of 3,468 or 0.78% compares to 444,333(data from 50 individual lenders – some with multiple licensed locations) in 2011. The total loans amounted to $169,222,558, an increase of $2,180,149 or 1.31% compares to $167,042,409 in 2011. The average payday loan is $383.84 in 2012, compares to $375.94 in 2011.
As of December 31, 2012, there are 155,515 number of outstanding payday loans amounted to $52,305,656 in Colorado.
In 2012, there are 81,580 number of defaulted payday loans, amounted to $33,501,687.
The payday loans in 2012 is made to 238,014 customers. 233,783 customers with 6 or less new or refinanced loans; 3,867 customers with 7 to 12 new or refinanced loans and 364 customers with 13 or more new or refinanced loans.

There are 444,333 number of small loans made in Colorado in 2011(data from 50 individual lenders – some with multiple licensed locations), a decrease of 665,891 or 59.98% compares to 1,110,224(data from 65 individual lenders – some with multiple licensed locations) in 2010. The total loans amounted to $167,042,409, a decrease of $242,089,684 or 59.17% compares to $409,132,093 in 2010. The average payday loan is $375.94 in 2011, compares to $368.51 in 2010.
As of December 31, 2011, there are 149,327 number of outstanding payday loans amounted to $54,351,273 in Colorado.
In 2011, there are 111,238 number of defaulted payday loans, amounted to $42,651,125.
The payday loans in 2011 is made to 247,441 customers. 244,294 customers with 6 or less new or refinanced loans; 2,928 customers with 7 to 12 new or refinanced loans and 219 customers with 13 or more new or refinanced loans.

There are 1,110,224 number of small loans made in Colorado in 2010(data from 65 individual lenders – some with multiple licensed locations), a decrease of 455,257 or 29.08% compares to 1,565,481(data from 97 individual lenders – some with multiple licensed locations) in 2009. The total loans amounted to $409,132,093.00, a decrease of $167,110,734.00 or 29% compares to $576,242,827.00 in 2009. The average payday loan is $368.51 in 2010, compares to $368.09 in 2009.
As of December 31, 2010, there are 179,203 number of outstanding payday loans amounted to $66,347,538 in Colorado.
In 2010, there are 169,578 number of defaulted payday loans, amounted to $67,970,778.
The payday loans in 2010 is made to 300,069 customers. 251,447 customers with 6 or less new or refinanced loans; 43,133 customers with 7 to 12 new or refinanced loans and 5,489 customers with 13 or more new or refinanced loans.

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