Typical Payday Loan Customer
We all say…. ” I would never get a payday loan”, however do you realize who the standard payday loan customer really is? According to paydayfacts.org, there are some common factors about those taking out a payday loan.
1. The majority of payday advance customers earn between $25,000 and $50,000 annually.
2. Sixty-eight percent are under 45 years old and only 4 percent are over the age of 65.
3. Ninety-four percent have a high school diploma or better, and 56 percent have some college or a degree.
4. Forty-two percent own their own homes.
5. The majority are married and 64 percent have children in the household.
6. One hundred percent have steady incomes and active bank accounts, because both are required to receive a payday loan.
Do any of these statistics surprise you? At one point of another we will all go through some sort of hardship, and potentially a payday loan or other short term loan might be your saving grace.
Leadpile Lead Exchange understands there are many people who need a little extra “help”, in receiving a payday loan. We generate thousands of payday loan leads each day, and these people I am sure really need the assistance.
If you buy into the wrong information about payday loans then you are in for an unfortunate situation. Especially when you proceed down a path based on that misinformation. The pluses and minuses of payday loans and the unknown future of the industry often can fall victim to this. Some politicians from all parties are attempting to pass legislation that would restrict or take away your right to get a payday loan. In this growing battle, some politicians have already succeeded in passing their legislation. Some politicians have already outlawed the whole industry in their states. Many of these laws are based on the misinformation that the payday loan industry is exactly the same as loans sharks. Please don’t jump to conclusions, and educate yourself, family, and friends on the right to financial independence.
1Post Courtesy of Personal Money Store
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The American people’s habits of consumption are unequaled by anyone; we as a nation consume more than any others on the face of the earth. We have a wealth of financing options available, like short term installment loans, payday loans, cash advances, or credit cards to help us get anything we want. Americans average over $8,000 in consumer debt alone, and our habit of overextension has finally put us in real danger. We not only should be conservative with our spending, but with our natural resources as well. We still have a lot to be thankful for. 80% of the world lives on $10 a day or less, and the poorest 40% of the world accounts for 5% of its income. The richest 20% accounts for 75% of the income, and if you have a roof over your head, food on the table, and running water, that includes you. Count your blessings, and be cautious and proactive in limiting your spending habits. You may end up with some more for yourself, or a little extra if you want to lend someone a helping hand.
2With everything else going on in the economy, the last thing I would want to do is borrow a payday loan to fix my drywall after some unplanned earthquake tremors. Charleston, South Carolina is adding to the grief of local residents after a 3.6 magnitude earthquake shook the place last week. The only thing hurt by the small quake was the drywall on the homes in the area and residents’ pocketbooks which they will have to compensate for come next payday. Fortunately there wasn’t anybody hurt. It came at a good time as the supervisor for the Charleston county school district was apparently trying to invest money into the local schools partly as precautionary measures for future earthquakes. I bet he won’t have a problem getting what he wants now! It seems South Carolina is about as bad as California when it comes to earthquakes. I had no idea they have had so many over the years. Apparently in 1886, they had one that cost $103 million in today’s currency and killed more than a hundred people. It measured a big 10 in magnitude according to some estimates. Hopefully this isn’t a warning of something bigger to come. Earthquakes remarkably are a science that we have not mastered yet. There is a nice timeline outlining South Carolina’s history of earthquakes in the article I read. You can read the article called “Charleston Earthquake | Payday Will Be Spent Fixing Drywall,” on the payday loan news blog at personalmoneystore.com.
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