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Payday lending is becoming quite the controversial subject, but they are still widely used and definitely a very beneficial option if you are running behind on your bills. With this, many still choose payday loans as their best option. Here’s some statistical data.
According to CBS, over 11 billion dollars was lent out in 2010. Who is borrowing? The average age of borrowers is 35 with an average income of $31,690 according to Personal Money Network. 34% own homes with an average of 6 years of employment and 3 years at a current address. The FDIC states that almost half of all loans taken is between $201 and $300. Most tend to be repeat borrowers, with over 25% taking out up to 10 loans a year. Now who takes these loans? A study done in Texas showed that 59% of borrowers are women, with 40% of them being single. A study in California showed that 56% of all borrowers are African-American and Latino.
These statistics are meant to merely shed light on the topic of payday lending. A huge amount of money each year is still being lent and the recession of the late 2000′s only proved that.
In recent years, there has been quite a bit of negative backlash towards payday loans. So much negativity in fact, that it has become illegal in some states and very highly regulated. With all the criticism, some do fail to consider the benefits that payday loans offer to the less fortunate and what it does to help them. It is very easy to criticize something when you are well fed and do not have growing stacks of unpaid bills looming over you.
At the basic level, a payday loan is a short term loan of a small amount that is held against the borrower’s next paycheck. Why do this? If you need money now for groceries or to pay a late electricity bill, payday loans can be applied for quickly with approval in minutes (if done online). There are no credit checks so a borrower can have poor credit or even no credit history.
In the end, if a borrower needs a quick way to get back on their feet, payday lending is a very good option. It can be quick if time is short and can be up to $1,000 if a hefty bill needs to be covered. These loans can get a borrower out of hot water fast and easy, and back on track to a carefree way of life.