User Demographics and Reasons For Borrowing
According to a recent study by the Pew Charitable Trusts, "Most payday loan borrowers are white, female, and are 25 to 44 years old. However, after controlling for other characteristics, there are five groups that have higher odds of having used a payday loan: those without a four-year college degree; home renters; African Americans; those earning below $40,000 annually; and those who are separated or divorced." Most borrowers use payday loans to cover ordinary living expenses over the course of months, not unexpected emergencies over the course of weeks. The average borrower is indebted about five months of the year.
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Famous quotes containing the words user, reasons and/or borrowing:
“A worker may be the hammer’s master, but the hammer still prevails. A tool knows exactly how it is meant to be handled, while the user of the tool can only have an approximate idea.”
—Milan Kundera (b. 1929)
“Youth does not require reasons for living, it only needs pretexts.”
—José Ortega Y Gasset (1883–1955)
“Well-borrowed and well-returned, then borrowing again will not be spurned.”
—Chinese proverb.
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