The Average Profile Of Customers Opting For A Payday Loan Cash Advance

The Average Profile Of Customers Opting For A Payday Loan Cash Advance



Payday loans are loans of​ a​ small amount,​ taken for a​ short duration of​ time. Payday loans are generally meant to​ be paid off on​ the​ next payday.

Payday lenders loan out thousands of​ dollars every week to​ people who are in​ dire need of​ money. the​ Community Financial Service Association of​ America,​ payday loan cash advance industry extends to​ about $25 billion.

Payday lending is​ often regarded as​ something predatory and it​ is​ of​ the​ common belief that payday customers are being used as​ fodder by the​ money hungry payday lenders. However,​ the​ various researches undertaken throughout the​ years contradict the​ view that payday loans are predatory and the​ borrower is​ always being preyed upon. in​ fact,​ recent studies have shown borrowers preferring payday loans to​ other loan alternatives.

The huge Annual Percentage Rate (APR),​ in​ the​ range of​ 391% and higher often makes it​ intriguing as​ to​ the​ people who opt for these loans. But studies conducted throughout the​ States show that people from all walks of​ life consider payday loan cash advance as​ an​ affordable option to​ meet their financial needs.

The US Census report of​ 2000 show that 22% of​ the​ surveyed payday loan borrowers hold a​ bachelor's degree from college. More than two-thirds of​ the​ people surveyed reported an​ annual income of​ a​ minimum $25,​555 and has a​ savings account. Also,​ 51% of​ the​ surveyed population had a​ retirement savings plan.

Viewing the​ industry statement,​ it​ seems that the​ payday cash advance customer has more than average level of​ education than the​ general US population.

A typical payday loan customer is​ between 25 to​ 40 years of​ age and has an​ annual income between $25,​000 and $50,​000. Also people from all walks of​ life,​ including teachers,​ civil servants and corporate employees considers payday loan as​ an​ efficient solution to​ the​ short term financial emergencies.

For more information on​ payday loan cash advances,​ visit:
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