Over 12 Million Borrowers In US Each Year Have Taken Advantage of Payday Loans

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US citizens after the recession…

 

Payday loans have become a lifeline for many US citizens after the recession, wherein many individuals credit rating ruined because of the financial crises that have grip not just the country but also the other countries across the globe.

Recent survey shows, each year there are over 12 million U.S borrowers that roughly spend $7.4 billion to pay their payday loans. The US adults that take out payday loans borrow eight times the amount of $375 per year, and spend more or less $520 on interest.

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The number of people that borrow from payday loan stores for the last 5 years is about three quarters, while online borrowing is around one quarter of the total borrowings, according to the survey conducted to determine how many people borrow online and on regular payday storefront.

Survey also indicates that the average age of borrowers is from 25 to 44 years old, mostly white, and female. The group of people that used payday loans is often those without a college degree, earning below $40,000 annually, African Americans, divorced or separated individuals, and home renters.

The survey clearly shows that payday loans are not scam and have definitely helped a lot of people in dire financial distress, whatever their backgrounds or lifestyle. The used of payday loans is highly popular too many people in the middle class section as they have greater expenses that those earning below $40,000 annually.

Payday loans are taken out mostly to pay for rent, medical emergencies, living expenses, credit card bills, utility bills, and other unforeseen expenses, despite the fact that these short-term loans carry a much higher interest rate than banks.

If you are a permanent resident or U.S citizen, you can also take advantage of payday loans like the 12 million people that have already taken out a loan from payday storefront and online lenders.

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