Who takes payday loans?
The rapid development of loan companies and the dynamically growing number of clients taking payday loans raises the question of who is the payday payee customer. To a large extent, of course, it depends on the policy of the loan company that may want to focus on a given social group – it is not known today that retirees are the favorite client of quick loan companies because they have an income they cannot lose. Of course, the disadvantage of this group is age, but in the case of payday loans it should be remembered that it is not decisive due to the short repayment period. Advanced age is often a disqualification for quick loans with longer repayment periods.
What do we spend money on payday loans?
Contrary to the general view, payday loans are not only used by people who have no choice but this is their last resort, they account for about 40% of customers of payday loans online. Thanks to payday loans, they finance bills, food, rent and repayment of other liabilities. It is surprising that every third quick loan customer on the web uses them to finance their hobbies, gadgets or travels. Usually these are usually well-earning people, who, however, do not want to violate savings, and need cash here and now. Less than 30% of customers are people who spend money on unexpected expenses, such as renovation, car repair, school layette, etc. These people quickly pay off payday pay, treat it as immediate help.
Payday loans – full-time or with your own company
It is worth noting that the clients of loans are both women and men, except that the first group accounts for a slightly larger proportion of clients.
Let’s look at the earnings of people taking payday loans – as much as 70% of them earn over PLN 1,500, and over 60% have incomes exceeding PLN 2,000 net. Over 70% of clients work full-time or run their own business, refuting the myth that the clients of payday loans are the unemployed, they will also receive help, but they must prove that they can pay the debt.
Quick loans are attractive to young people
More and more clients of payday loans are young people. The age of online loans clients varies depending on the company, but due to the fact that most loans are granted on the internet, an increasing proportion of clients are students who need urgent funds to settle the student budget. Customers aged 18 – 25 account for over 30% of customers of payday loans. A large proportion of clients are pensioners, every fourth person receiving such a loan is over 60 years old. The vast majority, as much as 83% of online payday loans customers, use the internet every day, which shows how strong the link between fast loans and online activity is.
The payday loan customer is not afraid of a bank loan
Over 50% of customers who have taken out payday loans online have a bank loan at the same time, this shows that bank and payday loans are often the same person and both industries can work side by side and even complement each other. There are many reasons to take payday loans, often it is the only way out for people with bad history in Retro, but also lack, time or inclination to complete a lot of formalities at the bank. That is why the online loans sector is growing so fast, because, apart from high availability and lack of Retro history checking, they are characterized by simplicity, convenience and high availability.