The banking industry has undergone many changes in recent years with the recession and debt crisis in the United States. This has made it much more difficult for consumers with good credit to attain loans and nearly impossible for those with average or below average credit to attain loans due to changes in the banking industry Combine this with the worsening of the personal debt ratios and you have a segment of the population that is no longer being served well by banks. No one has been hit harder by these changes than the middle class and working class, who now find local banks unwilling to assist them with their financial needs.
The payday loan industry at a glance:
- Over $40 billion dollars in payday advance revenue will occur this year
- $7.4 billion a year in fees
- Over 19,000 payday loan stores
- 100 million transactions per year
- 12 million households served