Payday loan customers, an average of 19 million people a year, are your every day working class American. These men and women have good jobs, hold bank accounts and are educated, the simple fact is sometimes people need a short term loan for unexpected expenses.
Georgetown University McDonough School of Business performed a study on the demographics of payday loan borrowers:
Stable Working Class
- 32 percent own homes
- 54 percent have major credit cards
- 100 percent have steady incomes
- 100 percent have checking accounts
Middle-Income
- Majority earn between $25,000 and $50,000
Young Families
- 53 percent are under 45 years old (only 9 percent are 65 or older)
- Majority of customers are married
- 63 percent have children in household
Middle-Educated
- 90 percent have a high school diploma or better
- 54 percent have some college or degree
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