San Francisco Payday Loans

Payday loans, also known as payroll loans, cash advance loans, and salary loans, have been around in the United States since the Civil War1. However, they really gained popularity in the 1990s1. During this time, the payday loan market in the US grew from less than 500 stores to over 22,0001. The industry exploded and was valued at $46 billion1.

Today, payday loans are legal in 27 states1. Nine additional states allow some form of payday loans under set regulations1. Despite their popularity, payday loans have been criticized for their high interest rates and the potential to trap borrowers in a cycle of debt. In response to these concerns, some jurisdictions have enacted regulations to limit the annual percentage rate (APR) that payday lenders can charge2.