In America, the payday loan industry is steadily growing. As it gains popularity, questions are surfacing. Who are the borrowers contributing approximately $42 billion dollars a year to the short-term loan industry, and why are they doing so?
Customers of the payday loan business are typically middle class men and women with jobs and families.That means that the average consumer is part of a typical American family. 53% percent of these men and women are under 45 years old and most are married. 63% are raising children.
32% of these men and women are homeowners and 54% have major credit cards. All of these payday online users own a bank account, are over 18 years of age, and have a steady source of income.
The typical income for a man or woman applying for a payday advance is between $25,000 to $50,000 a year. About 90% of these applicants graduated high school, and 54% have their college degree or have some college background.
It is estimated that 19 million households in America are using these same-day loans annually. The unpredictability of family life often leaves these men and women in emergency finance situations. Some of these circumstances include children who need medical care, cars that need maintenance, household appliances that need replacing, or even just a grocery list that seems unaffordable. Coupled with the current recession, these costs often seem impossible to satisfy. A payday loan allows families to cover funds which would otherwise be hard to deal with. With finances taken care of, payday loan customers are able to get back to the more important things in life, like family or work. No one has the time to travel back and forth from a pay day advancement office or deal with all that paperwork!
Online short-term loan companies focus making things easy for their clientele. By basing our business on the internet, these businesses allow customers to apply for their funds from the comfort of their home. The process takes only a few minutes and does not require any trips to the offices, tedious faxing, or hard copy documents. As well, most of these businesses don't run credit checks, so almost anyone is able to get a loan, regardless of their credit. Best of all, reliable payday advance businesses are dedicated to getting money to their borrowers as fast as possible, and often that amounts to a mere 24 hours of waiting.
PayDay2Go is an online payday loan company which matches potential borrowers with potential lenders for the most cost-effective results. Based entirely online, this company strives to make short-term loans available through a quick and easy application process. Customers can receive their money within 24 hours, due to the fast service at PayDay2Go. Contact them today if you are in need of a online payday loan.
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