NAICS Code 522291-11 - Payday Loans

Marketing Level - NAICS 8-Digit

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NAICS CODE 522291-11
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NAICS Code 522291-11 Description (8-Digit)

Payday loans are a type of short-term, high-interest loan that is typically used by individuals who need quick access to cash. These loans are usually for small amounts, ranging from a few hundred to a few thousand dollars, and are meant to be repaid within a few weeks or months. Payday loans are often used by people who have poor credit or who are unable to obtain credit through traditional means, such as a bank or credit union.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522291 page

Tools

Tools commonly used in the Payday Loans industry for day-to-day tasks and operations.

  • Loan management software
  • Credit scoring software
  • Automated underwriting systems
  • Payment processing software
  • Customer relationship management (CRM) software
  • Debt collection software
  • Fraud detection software
  • Compliance management software
  • Loan origination software
  • Risk management software

Industry Examples of Payday Loans

Common products and services typical of NAICS Code 522291-11, illustrating the main business activities and contributions to the market.

  • Short-term loans
  • Cash advances
  • Emergency loans
  • Paycheck advances
  • Fast loans
  • Quick cash loans
  • Same-day loans
  • High-interest loans
  • Unsecured loans
  • Bad credit loans

History

A concise historical narrative of NAICS Code 522291-11 covering global milestones and recent developments within the United States.

  • The "Payday Loans" industry has a relatively short history, with the first payday loan store opening in the United States in the 1990s. The industry quickly grew, with more stores opening across the country. In the early 2000s, online payday lending became popular, allowing borrowers to apply for loans from the comfort of their own homes. However, the industry has faced criticism for its high interest rates and predatory lending practices. In recent years, some states have passed laws to regulate payday lending, while others have banned it altogether. In the United States, the Consumer Financial Protection Bureau (CFPB) was established in 2010 to regulate the payday lending industry. In 2017, the CFPB issued new rules that would have required lenders to verify a borrower's ability to repay a loan before issuing it. However, these rules were never implemented, and in 2020, the CFPB announced that it would roll back the regulations. Despite this, some states have continued to pass their own laws to regulate payday lending, and the industry remains a controversial topic.