2987632067_82ddfc08f6_zOnline payday loans have changed the industry drastically. Just a few years ago, a storefront business was the only place to find a short term loan and get your money on the same day. Depending on which states you lived, find such a store could be easy, or it could require driving for an hour.

Online loans made it possible for anyone, anywhere, to save time, effort, and money by applying to an online lender.

But that doesn’t mean the storefronts are not thriving. There are tens of thousands of businesses across the country that issue payday loans and cash advances.

So where are they?

Which states have the most payday lenders? Which states have the most borrowers?

The Top States for Payday Loans

This information was gathered by Responsiblelending.org

California

Number of Stores: 2119

Average Number of Loans per Store: 5797

Estimated Total Loans: 12,283,843

Total Payday Loan Volume: $3,276,629,497

texaspdloansTexas

Number of Stores: 2617

Average Number of Loans per Store: 2240

Estimated Total Loans: 5,862,080

Total Payday Loan Volume: $3,061,174,112

Florida

Number of Stores: 1275

Average Number of Loans per Store: 5756

Estimated Total Loans: 7,338,900

Total Payday Loan Volume:  $2,906,456,786

Alabama

Number of Stores: 1070

Average Number of Loans per Store: 3541

Estimated Total Loans: 3,788,870

Total Payday Loan Volume: $1,326,104,500

Mississippi

Number of Stores: 1036

Average Number of Loans per Store: 3541

Estimated Total Loans: 3,668,476

Total Payday Loan Volume: $1,283,966,600

Tennessee

Number of Stores: 1208

Average Number of Loans per Store: 3791

Estimated Total Loans: 4,579,528

Total Payday Loan Volume: $1,124,696,366

California_state_flagLouisiana

Number of Stores: 931

Average Number of Loans per Store: 3541

Estimated Total Loans: 3,296,671

Total Payday Loan Volume: $1,153,834,850

(Please note: these figures do not include banks, unlicensed lenders, or online payday loan companies. When those other variables and verticals are tabulated, these numbers would be significantly higher.)

What States Use the Least Payday Loans?

There are several states that heavily regulate short-term loans, and a few more than have banned them outright. In these states, it is illegal to issue or receive payday loans or cash advances. So the list of states with the fewest amount of payday loans is pretty clear:

  • Georgia
  • Arkansas
  • Maryland
  • Connecticut
  • New Jersey
  • Vermont
  • West Virginia
  • Pennsylvania
  • North Carolina
  • New York
  • Massachusetts

Lending laws vary from state to state; there are different caps on APR and renewals, and rules on fees and payment plan. So it’s always a smart idea to know the regulations of where you live before seeking out a loan.

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