A new comprehensive study by IHS Global Impact shows that the payday loan industry has a strong positive effect on the economy. It stated this industry has "measurable and significant" economic benefits to our economy through taxes, employment, and relationships with industries.

The study acknowledged that payday loans can act as a valuable source of credit for many who are otherwise denied credit. It then turned its attention to how the industry affects the economy as a whole.

It found that the industry has created over 155,000 jobs nationally and has contributed over $10 billion to the US gross domestic product. In 2007 alone the industry contributed over $2.6 billion in federal, state, and local taxes.

This study furthers the evidence that payday loans not only help individual wallets, but the economy as a whole. The total income impact for all employees associated with the industry is $6.4 billion. The industry is truly an enabler for everyone.

Because it takes away money from banks and other lending institutions the payday industry has received some harsh criticism. Despite what the claims are, the truth is payday loans are really a force for good in the lives of many. It strengthens the national economy while looking out for the individual thanks to the payday loans anyone can receive.