As the payday loan industry in Canada has grown rapidly and keeps serving people with below-average income and low credit score range as sustainable financial assistance, Peter Van Loan assesses the prospects of the industry, urging financial institutions to look up to the US market.
While Canada has approximately 1,400 stores across the country, with almost two million Canadians using payday loans each year, there are about 23,000 payday lenders in the United States. Nearly 12 million Americans a year use payday loans to solve their financial problems. The average loan size of a payday loan in the US is $375. The average amount of fees ranges from $10 to $30 for every $100 borrowed.
Peter Van Loan states that payday loans in America are one of the best short-term solutions for those who have some issues with previous debt payments. Although the industry may face adverse conditions and tough regulations from the Consumer Finance Protection Bureau, it has growth prospects and is projected to reach $48.68 billion by 2030.
As the financial system should be of service to every resident and lend a helping hand in solving financial difficulties, Peter Van Loan strongly believes we should take serious steps to develop the industry, making loans affordable, profitable, and fast. We can be sure that people with any credit will only get the support they need at any moment of life by organizing equal credit opportunities.