Who Uses Payday Loans and Why Would Anyone Resort To Using Them?
So what type of person represents the typical payday loan user? The answer might surprise you. No, it’s not the drug addict, dead beat dad, or even the homeless guy who roams the streets, despite commonly held stereotypes to the contrary. The typical payday loan user according to some news research reports, and U.S. census bureau data from 2000 – is a lower middle class individual with a steady job, with average annual household income of around $40,000 who has bills to pay but has exhausted most financial alternatives. Thus it seems evident that payday loan consumers are generally not financial indigents or those who are unemployed. They almost always work a steady wage paying job, but struggle mightily with paycheck to paycheck living and their inability to pay down debt and deal with recurring daily expenses. However, the idea still persists in the public’s mind that payday lending stores prey upon the downtrodden through the use of predatory lending practices. In one of its many at
