Payday Cash Advance -- Zooming Growth

Payday loan companies really took off by the middle of the 1990s. In the US alone it is estimated that the the number of payday loan companies increased from 300 in 1992 to around 8,000 by 1999. The payday loan industry generated $6 billion in fee revenue from $40 billion in loans, in 2003, says a report. And 14 million households in US used the services of payday lenders in 2003. What is more, four of the top US banks have extended their credit lines to the industry.