On average, the nation’s five publicly traded payday lending companies earn a 6.6 percent profit on income. A survey of multiline financial service center providers by Ernst & Young LLP, found that on a pre-tax basis, the average multiline operator earned a profit equal to $1.37 per $100 payday advance. In addition to being a valuable source of credit for many consumers, the payday loan industry makes significant contributions to the U.S. and state economies employing more than 50,000 Americans who earn $2 billion in wages and generating more than $2.6 billion in federal, state, and local taxes.
Ernst & Young Examines Cost of Offering Payday Loans; Finds it Costs $13.89 to Offer a $100 Payday Advance
Economic Impact of the Payday Lending Industry
Managing household finances can be a daunting task. However, by using solid budgeting and savings techniques, you can accomplish major financial goals. In the Customer Resource Center, CFSA offers a variety of payday advance resources that support and encourage responsible lending practices, and highlight the vital role of our members’ stores in neighborhoods near you.
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Here you will find an aggregate of industry research, comprehensive data, and benchmarking tools from the short-term lending industry. They cover all payday advance business areas – consumer demographics, media hits, the latest policy initiatives, among others. Click here to access to the partner's resource library.
CFSA works at the federal, state, and local levels educate legislators and regulators about the role of payday advances in the broader financial services arena. This section provides resources for policymakers who believe in access to credit, want to preserve financial options and ensure balanced, substantive consumer protections. Click here to enter the Policymaker Resource Library.