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I have to say that a payday loan is never a good idea but in some cases there is really no other way. I wouldn't recommend delaying the repayment though - I learned it in a hard way myself....
I do not know how but at some point of my life I ended with a bill of $1,500 and I had absolutely no money to repay it. I could not rely on family and friends and the worst part that my credit union refused. So, I went to a payday loan stor...
I wish they cost less, really. It is sort of hard to make a repayment in time. I did manage, though. But next time I won't take that much....

Payday Lending

Payday loans are small cash short-term loans that are designed to cover immediate (and frequently emergency) expenses. They are censured a lot because of high interest rates charged and the effect they have on borrowers in long-term perspective.

Still, despite the controversial nature of payday lending, they at the moment represent a very feasible alternative for borrowers with bad credit and/or limited options to get cash in an emergency situation.

Also, unlike traditional personal loans offered by banks payday loans are easier  to get (within hours or days), and they represent a very beneficial means to bridge the gap between paycheques. Unlike banks that are unwilling to grant a loan to a borrower with poor credit record, payday lenders offer much more lenient terms to their customers in this respect.



  • In accordance with the Pew Charitable Trusts report for 2012 about 12 million Americans use payday loans every year. And according to the Community Financial Services Association of America payday lenders serve more than 19 mln U.S. households.
  • This equals to 5.5 % of all the U.S. citizens nationwide that took small cash loans in the period of the last five years. The same research showed that about 1/4 of borrowers use online lending options and 3/4 use storefront loans with the average of 8 loans per year ($375 each).



Small cash lending has traditionally been regulated at the state level. State laws cover the issues of  loan amount, interest rates, fees and charges as well as some other issues. At the present moment each sate regulates the operation of all payday lenders on their territory;  and their laws are not homogeneous.  As a matter of fact, some states set more restrictive (and even prohibitive) measures with regards to the industry, others are more lenient.

Recently a step to federal regulation over the industry was made - the Consumer Financial Protection Bureau made a proposal for payday as well as car auto loans (it is still being reviewed).



Currenty, payday loans, despite all the controversy around them, are still in demand and are still a part of the U.S. loan market. We at ustateloans.org have collected most recent information and news about this industry sector and will be glad if you find it of use.

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