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.