The table below represents the five major payday loan lenders and their APR.
| Payday Lender | Website | Average APR Interest Rate |
|---|---|---|
| Ace Cash Express | www.acecashexpress.com | 792% |
| Advance America | www.advanceamerica.net | 533% |
| Cash America | www.cashamerica.com | 533% |
| CashNetUSA | www.cashnetusa.com | 664% |
| Check N Go | www.checkngo.com | 662% |
As of 2007 there are:
- 23,000 PDL stores nationwide.
- 3.26 employees per store.
- $2.6B in tax.
- $2.9B in labor income.
- $6.4B labor income impact.
The table below shows the amount of money produced by payday loans and compares it to the GDP of the state’s local economy. The percentage shows how much of the state’s GDP is made up from profits of payday loans.
- Total Value Added represents the amount money that payday loan companies add to that states overall economy.
- Total Domestic Production represents the total value of goods and services that are produced by a given economy.
| State | Total Value Added | Total Domestic Production | Impact |
|---|---|---|---|
| U.S Total | $10,212,720,000 | $13,807,554,100,000 | 0.074% |
| California | $1,155,150,000 | $1,812,968,000,000 | 0.064% |
| Texas | $812,100,000 | $1,141,961,000,000 | 0.071% |
| Florida | $690,690,000 | $734,520,000,000 | 0.094% |
| Tennessee | $676,720,000 | $243,870,000,000 | 0.277% |
| Missouri | $596,020,000 | $229,469,000,000 | 0.260% |
| Ohio | $551,970,000 | $466,310,000,000 | 0.118% |
| Alabama | $458,770,000 | $165,792,000,000 | 0.277% |
| South Carolina | $402,810,000 | $152,831,000,000 | 0.264% |
| Louisiana | $400,250,000 | $216,144,000,000 | 0.185% |
| Mississippi | $381,730,000 | $88,545,000,000 | 0.431% |
| Illinois | $372,130,000 | $609,567,000,000 | 0.061% |
| Virginia | $351,200,000 | $382,964,000,000 | 0.092% |
| Michigan | $338,990,000 | $381,963,000,000 | 0.089% |
| Arizona | $326,090,000 | $247,028,000,000 | 0.132% |
| Kentucky | $309,820,000 | $154,184,000,000 | 0.201% |
| Washington | $301,440,000 | $311,269,000,000 | 0.097% |
| Colorado | $294,250,000 | $236,324,000,000 | 0.125% |
| Wisconsin | $213,910,000 | $232,292,000,000 | 0.092% |
| Indiana | $201,260,000 | $246,439,000,000 | 0.082% |
| Utah | $169,770,000 | $105,656,000,000 | 0.161% |
| Oklahoma | $162,780,000 | $139,324,000,000 | 0.117% |
| Nevada | $157,970,000 | $127,215,000,000 | 0.124% |
| Kansas | $141,760,000 | $117,303,000,000 | 0.121% |
| Iowa | $125,370,000 | $129,024,000,000 | 0.097% |
| New Mexico | $103,000,000 | $76,176,000,000 | 0.135% |
| Nebraska | $89,080,000 | $80,092,000,000 | 0.111% |
| Arizona | $85,900,000 | $95,370,000,000 | 0.090% |
| Idaho | $81,420,000 | $51,148,000,000 | 0.159% |
| South Dakota | $47,190,000 | $33,934,000,000 | 0.139% |
| Montana | $42,160,000 | $34,252,000,000 | 0.123% |
| Delaware | $37,480,000 | $60,117,000,000 | 0.062% |
| Wyoming | $28,520,000 | $31,513,000,000 | 0.091% |
| North Dakota | $26,760,000 | $27,722,000,000 | 0.097% |
| Minnesota | $24,800,000 | $254,968,000,000 | 0.010% |
| New Hampshire | $19,100,000 | $57,340,000,000 | 0.033% |
| Alaska | $11,860,000 | $44,517,000,000 | 0.027% |
| District of Columbia | $11,090,000 | $93,818,000,000 | 0.012% |
| Rhode Island | $5,040,000 | $46,903,000,000 | 0.011% |
| Hawaii | $4,200,000 | $61,532,000,000 | 0.007% |
| Oregon | $2,170,000 | $158,233,000,000 | 0.001% |
The table below represents the number of jobs created by the payday loan industry.
- Direct Effects are changes in employment, output, income etc in an industry or industries to which changes in final demand (revenue) have been made.
- Indirect Effects are changes in economic activity arising from the changes in inter-industry purchases that occur due to the response to the change in demand of the directly affected industry or industries.
- Induced Effects are changes in economic activity due to the changes in spending from households as income/wages increases or decreases due to the changes in production in the directly affected and indirectly affected industries.
| State | Direct Effects | Indirect Effects | Induced Effects | Total Jobs Created |
|---|---|---|---|---|
| U.S Total | 77,088 | 28,453 | 50,039 | 155,581 |
| Alabama | 3,803 | 1,426 | 2,247 | 7,476 |
| Alaska | 101 | 29 | 49 | 179 |
| Arizona | 2,403 | 886 | 1,548 | 4,837 |
| Arkansas | 735 | 274 | 468 | 1,477 |
| California | 7,845 | 2,632 | 4,887 | 15,365 |
| Colorado | 2,093 | 783 | 1,354 | 4,229 |
| Delaware | 310 | 66 | 163 | 539 |
| District of Columbia | 111 | 20 | 14 | 145 |
| Florida | 4,796 | 1,940 | 3,421 | 10,157 |
| Hawaii | 33 | 11 | 20 | 65 |
| Idaho | 689 | 255 | 436 | 1,380 |
| Illinois | 2,481 | 860 | 1,740 | 5,080 |
| Indiana | 1,603 | 532 | 1,060 | 3,195 |
| Iowa | 1,028 | 347 | 701 | 2,076 |
| Kansas | 1,130 | 405 | 741 | 2,276 |
| Kentucky | 2,628 | 941 | 1,600 | 5,169 |
| Louisiana | 3,235 | 1,360 | 2,123 | 6,718 |
| Michigan | 2,537 | 826 | 1,639 | 5,003 |
| Minnesota | 176 | 66 | 124 | 366 |
| Mississippi | 3,431 | 1,282 | 1,986 | 6,698 |
| Missouri | 4,152 | 1,871 | 3,335 | 9,357 |
| Montana | 369 | 136 | 227 | 732 |
| Nebraska | 712 | 287 | 502 | 1,501 |
| Nevada | 1,276 | 407 | 617 | 2,300 |
| New Hampshire | 147 | 43 | 92 | 282 |
| New Mexico | 826 | 360 | 543 | 1,729 |
| North Dakota | 248 | 100 | 138 | 487 |
| Ohio | 4,299 | 1,664 | 2,798 | 8,761 |
| Oklahoma | 1,270 | 615 | 856 | 2,741 |
| Oregon | 16 | 6 | 11 | 34 |
| Rhode Island | 42 | 10 | 23 | 74 |
| South Carolina | 3,431 | 1,136 | 2,008 | 6,575 |
| South Dakota | 408 | 146 | 262 | 816 |
| Tennessee | 4,867 | 1,676 | 3,512 | 10,055 |
| Texas | 5,713 | 2,216 | 3,625 | 11,553 |
| Utah | 1,273 | 607 | 929 | 2,809 |
| Virginia | 2,618 | 799 | 1,639 | 5,056 |
| Washington | 2,305 | 699 | 1,342 | 4,346 |
| Wisconsin | 1,684 | 639 | 1,139 | 3,462 |
| Wyoming | 264 | 94 | 124 | 482 |
The table below represents income generated from jobs in the payday loan industry.
- Direct Effects are changes in employment, output, income etc in an industry or industries to which changes in final demand (revenue) have been made. This number represents wages earned by employees working for payday loan businesses.
- Indirect Effects are changes in economic activity arising from the changes in inter-industry purchases that occur due to the response to the change in demand of the directly affected industry or industries. This number represents wages earned by employees of companies that facilitate the payday loan industry.
- Induced Effects are changes in economic activity due to the changes in spending from households as income/wages increases or decreases due to the changes in production in the directly affected and indirectly affected industries. This number represents wages that are earned as a result of the overall economic benefit that payday loan companies are creating.
| State | Direct Effects | Indirect Effects | Induced Effects | Total Income |
|---|---|---|---|---|
| U.S Total | $2,905,350,000 | $1,360,940,000 | $2,149,500,000 | $6,415,800,000 |
| Alabama | $138,800,000 | $58,160,000 | $87,810,000 | $284,770,000 |
| Alaska | $3,910,000 | $1,320,000 | $2,090,000 | $7,320,000 |
| Arizona | $92,770,000 | $42,640,000 | $69,440,000 | $204,860,000 |
| Arkansas | $26,620,000 | $10,250,000 | $16,650,000 | $53,520,000 |
| California | $310,410,000 | $161,440,000 | $264,310,000 | $736,160,000 |
| Colorado | $80,040,000 | $41,610,000 | $62,880,000 | $184,530,000 |
| Delaware | $12,720,000 | $3,380,000 | $7,430,000 | $23,530,000 |
| District of Columbia | $4,710,000 | $1,770,000 | $870,000 | $7,350,000 |
| Florida | $183,790,000 | $97,770,000 | $154,500,000 | $436,070,000 |
| Hawaii | $1,270,000 | $520,000 | $860,000 | $2,640,000 |
| Idaho | $25,610,000 | $9,680,000 | $15,330,000 | $50,610,000 |
| Illinois | $97,880,000 | $52,480,000 | $86,510,000 | $236,870,000 |
| Indiana | $60,170,000 | $22,980,000 | $41,920,000 | $125,070,000 |
| Iowa | $39,840,000 | $13,680,000 | $24,980,000 | $78,500,000 |
| Kansas | $42,560,000 | $17,270,000 | $28,380,000 | $88,210,000 |
| Kentucky | $94,910,000 | $39,030,000 | $61,470,000 | $195,410,000 |
| Louisiana | $113,670,000 | $56,470,000 | $80,350,000 | $250,490,000 |
| Michigan | $97,290,000 | $45,620,000 | $70,570,000 | $213,480,000 |
| Minnesota | $6,820,000 | $3,460,000 | $5,450,000 | $15,730,000 |
| Mississippi | $118,100,000 | $47,110,000 | $70,930,000 | $236,140,000 |
| Missouri | $155,590,000 | $86,040,000 | $137,020,000 | $378,640,000 |
| Montana | $13,320,000 | $4,900,000 | $7,730,000 | $25,950,000 |
| Nebraska | $26,290,000 | $11,940,000 | $18,380,000 | $56,610,000 |
| Nevada | $49,270,000 | $20,080,000 | $28,960,000 | $98,320,000 |
| New Hampshire | $5,690,000 | $2,270,000 | $4,110,000 | $12,080,000 |
| New Mexico | $29,450,000 | $14,580,000 | $20,210,000 | $64,230,000 |
| North Dakota | $8,750,000 | $3,400,000 | $4,600,000 | $16,750,000 |
| Ohio | $159,500,000 | $77,720,000 | $111,730,000 | $348,950,000 |
| Oklahoma | $44,110,000 | $24,520,000 | $32,520,000 | $101,150,000 |
| Oregon | $630,000 | $280,000 | $460,000 | $1,370,000 |
| Rhode Island | $1,680,000 | $480,000 | $1,020,000 | $3,180,000 |
| South Carolina | $124,600,000 | $47,380,000 | $76,460,000 | $248,440,000 |
| South Dakota | $14,400,000 | $5,350,000 | $9,300,000 | $29,050,000 |
| Tennessee | $185,200,000 | $83,620,000 | $156,720,000 | $425,540,000 |
| Texas | $219,410,000 | $115,700,000 | $168,900,000 | $504,000,000 |
| Utah | $45,350,000 | $25,400,000 | $35,970,000 | $106,720,000 |
| Virginia | $106,450,000 | $42,780,000 | $71,090,000 | $220,320,000 |
| Washington | $91,930,000 | $36,100,000 | $62,550,000 | $190,580,000 |
| Wisconsin | $62,390,000 | $28,190,000 | $44,770,000 | $135,340,000 |
| Wyoming | $9,440,000 | $3,570,000 | $4,300,000 | $17,320,000 |
