Department of Business Oversight Publishes Annual Report of Payday Lending Activity for 2019

A new Department of Business Oversight report shows that California payday lenders issued 10.2 million loans worth $2.8 billion to more than 1.6 million customers in 2019, figures that all varied less than 1 percent from the year before. The industry continues to rely heavily on repeat customers with more than 70 percent of its fees – $298.5 million of $418 million – paid by customers who took out seven or more payday loans, the report found.