The Payday Loan Customer Profile
Wednesday, September 23, 2009@ 4:03 PM
The Payday Loan Customer Profile
The average payday loan customer may not look like what you imagine them to be. According to the American Payroll Association, 71% of the American employees are living from paycheck to paycheck. This same demographic often find it overwhelming difficult to meet their financial obligations. One way that many individuals are able to weather a financial storm is to obtain a payday loan.
The average payday customer
- Has a home and a mortgage
- Has a job
- Is in their early forties
- Makes over $40K a year
- Has completed some college education
- Has a bank account
Most people who receive payday loans are simply trying to meet an unexpected financial problem or emergency. Without access to a payday loan, some customers would not be able to pay their mortgage or properly manage their bank account, which could result in more problems for banking institutions.
