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Payday Loans - Past and Future

Payday loan and cash advance lenders have been supplying customers with quick & hassle-free short-term loans for years. A brief history into the payday loan industry can shed more light on the future of the market.

The brick & mortar arm of the payday loan industry first took root about 15 years ago and has grown steadily ever since. In 1993 less than 200 payday loan storefronts were scattered across major urban areas. Today over 22,000 locations serve both urban and rural areas and draw clients from a broad range of demographics. Growth rate in the industry remains steady at about 20% annually.

The online segment of the industry revolutionized the market about three years ago and has shown faster growth than its brick & mortar counterpart. The ease of use, speed of funding and benefit of privacy have been shown to appeal to payday customers and allowed web-based firms to take a foothold in the cash advance market.

The future is promising for the industry. Online payday lenders are continuing to grow and are working more & more with state legislatures to offer a product that is both easy & safe for their customers. With greater financial services being offered and more technological components being introduced, the future of the payday loan market is looking bright for both customers and lenders.

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