Here is some very interesting stats on Payday Loan Industry.

The average payday loan is between $300 and $400. The average fee that is paid is $15 to $20 per $100 dollar loaned.

Most payday lenders belong to one of three major trade organizations that have code of “best practices” including full disclosure to all their customers.

The average payday loan borrower has an income the the brackets of $19,000 to $49,000 for most payday loan borrowers.

Demographic studies have indicated that half of payday loan customers own their homes. Borrowers age from 20 to 40, and most have a high school education or some college.

This is an interesting stat is that 20 % or fewer of the U.S. population have taken out a payday loan.

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