Payday loans give Americans an advance on their pay checks when times are tough. While there are thousands of payday loan stores across the US, online lending has boomed in the last decade, providing more choices for borrowers. However, some states in the USA have more payday loan stores than others, with payday loans in Texas, California and other states proving much more popular and more widespread than in other states.
Which States Have The Most Payday Loan Stores?
Statistics on payday lenders in the US show that California has the most payday stores. There are 2,451 payday lenders in California. Tennessee follows behind with 1,344 payday stores, then Mississippi with 1,100 payday lenders.
How Many Payday Lenders Are There In The United States?
In total, there are around 23,000 payday storefronts in the United States. That’s almost twice the number of McDonald’s restaurants. Online loan companies, some without physical shops altogether, have also become increasingly popular as they allow borrowers to instantly compare loan products and interest rates.
The Boom of Online Payday Loans In The USA
With the rapid growth of the internet, payday loans in the USA have been moving online. Increasingly, payday brokers and direct lenders operate through websites, some exclusively. Online lenders and brokers are able to offer people who need it the ability to borrow money online instantly, and even receive same-day funding.
Payday Loan Stores Vs. Online Lenders
When applying for a payday loan, you can now choose whether you want to go through an online lending service or visit a storefront. While you may prefer to interact with a physical person, there are several advantages of applying for your loan when you are looking to borrow money online in the USA.
1. Compare The Market For Loans
Possibly the most considerable drawback of physical loan stores is that they lack competition. When visiting the store in your local area, you cannot shop around to find the best and cheapest loan options. Online, there are many more companies operating and helpful search engines to find the right loan. Kallyss can help you compare lenders across the United States and get the best possible deal. Comparing the market online will save you a lot of time in your payday loan search.
2. 24/7 Access
One of the most significant benefits of an online payday loan is 24/7 access. You can apply for a payday loan online any day of the week, at any time. While lending storefronts have opening hours and often close during weekends, online services are always open. Whether it’s 5 am on a Sunday or 11 pm on a Friday, Kallyss can provide you with an instant decision on your loan request.
3. Added Convenience
If you choose to travel to your local store, you may need to take time off work, find public transport or search for a parking space. Alternatively, an online request can be far more convenient. You can apply in just a few minutes from the comfort of your own home – you can even use your smartphone!
4. Get Your Money Faster
Comparing payday loans can often take time, with borrowers often needing to travel to various local payday loan stores, waiting in line, and filling out paperwork. If you are looking for ways to get cash fast, going from store to store is not the fastest way and often, going online will prove much faster. Going online can help you find the best deals om loans online, usually totally free of charge. An online loan offers a much speedier application process. There’s no paperwork, just a short request form to fill in. Once accepted, a lender will be in touch to get the money straight into your account as soon as possible. You could receive funds within just one hour.
Payday Loans Near Me
When applying for a payday loan, you can go through an online lending service or visit a local storefront. No matter how far you live from the closest loan store, Kallyss can help you find payday loans in all states in the US where payday lending is legal. The online payday loans engine connects your loan application with the best lender near you. Discover payday lenders in states including: