USAFundingCorp.com Releases Infographic on Payday Loans Widespread Use
Single-income homes with children and a lack of four-year degree most likely
According to the infographic, American residents visit approximately 20,000 storefronts in order to borrow well over $7 billion in payday loans each year. That means nearly one-in-twenty has taken up the offers that payday loan services have to offer. Of those individuals the average number of loans taken out per year is eight, and the total averages $375 per loan.
The infographic states that most of the time the loan is used for items like rent or utilities, as opposed to paying for items outright. Those who rent are more likely to use a loan that those who own. Borrowers are more commonly caucasian and between the ages of 25-29. USAFundingCrop.com notes that women appear to be more likely to take out such loans, according to new survey information.
Of those who receive payday loans, nearly 70% are those with an annual income below $40,000 per year. People are separated or divorced appear to be more likely to utilize the loans rather than those who are married or single. In other words, those who are single-income with dependents are much more likely to require the use of a payday loan.
According to the infographic, those without a four-year college degree are also much more likely to utilize the payday loan as well.
USA Funding Corp provides customers with a quick and easy way to apply for quality short-term loans. Learn about the process and how you can use the money to help you stay ahead of your necessary bills today. See their newly released infographic here - http://www.usafundingcorp.com/infographic.html.
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