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Easier to Find a Payday Lender than a McDonald's


Written By: Devan Hue

November 2014

As the government continues to boast of economic recovery, there is some harsh evidence to the contrary. For instance, what do McDonald's, Starbucks, and Payday Lenders have in common? They're all over the place. Really, you can't hardly throw a rock without hitting one. What you may not know, is there are more Payday Lenders in the U.S. than Starbucks or McDonald's. According to a recent report, McDonald's has approximately 14,267 McDonald's locations...but there are more than 20,000 Payday Lenders scattered across the country.

These "legalized loan sharks" are often located in lower income areas, and borrowers usually end up paying "...effective annual percentage rates, or APRs, well in excess of 300 percent." So, before you start jumping for joy over that "extra cash," remember, the $50 billion industry of Payday Lenders are laughing all the way to the bank, where most borrowers are singing the blues trying repay these high-interest loans. How is the Payday Lender industry continuing to grow if the U.S. economy is really stabilizing with continued job growth and lower unemployment rates?

Read more of CNBC's NetNet Report: More payday lenders than McDonald's? Some recovery

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Other Articles of Interest:

Government Math on Job Growth—Fail!

Still Unemployed and the Outlook Isn't Good

American Dilemma: Pay Rent or Buy Food

If You Think the Recovery Hasn't Helped You, You May Be Right

Debt Relief: Keep Calm and Carry On

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