Payday loans is a $40 bln industry with $6 bln annual profits

Consumer Federation of America estimated that there are approximately 22,000 storefront payday loan outlets in the United States generating roughly $40 bln a year in loans and $6 bln in finance charges. The study also mentions Internet-based payday outfits are usually registered in the states with lax tax laws.

Consumer Federation of America estimated that there are approximately 22,000 storefront payday loan outlets in the United States generating roughly $40 bln a year in loans and $6 bln in finance charges. The study also mentions Internet-based payday outfits are usually registered in the states with lax tax laws.