Who Uses Payday Loans In Canada? Statistics REVEALED!
Each year, around 14 million Canadians take out payday loans. Let’s see why they want money from payday loans and consider it best financial option.
You might be seen a payday loans storefront or online ads offering fast cash. Whether you in favor of the payday loans industry or not, you may be familiar with the concept of short term quick lending. These loans are like a financial boon for the lower income people or people with bad credit.
What are Payday Loans?
A payday loans is a form of credit that can be quickly accessed by lower income earners or bad credit people. Because payday loans are highly accessed by individuals who need an immediate source of cash or by those who are rejected by the traditional banks for loans.
Payday loans are short term loans and usually offered money from C$100 up to C$1500. Here we show you an illustration of different types of personal loans:
Who Uses Payday Loans?
- Age 25-49: People of age 25 to 49 are more likely to opting payday loans as compared to other age groups. Senior citizens are less likely to go for payday loans.
- No Four Year College Degree: Students who haven’t completed their four year college educational degree are more probable to take out payday loans.
- Low Income Earner: Individual who earns less is more likely to choose payday loans and get money as compared to higher earner.
- Renter: Renters are twice more likely to take payday loans as compared to homeowners.
- Parents: Parents are applied for payday loans more as compared to without children.
- Single Parents or Divorced: Single parents or divorced people are thrice more chances to us payday loans than people of any other marital status.
For What Expenses Do People Applied For Payday Loans?
According to a public survey conducted in Canada, a vast majority of people taking payday loans and use the money to cover up their expenses bills like credit card bills, rent, and food. This shows us that people who applied for payday loans are always facing a shortage of cash and need more income.
Where Do People More Likely To Take Payday Loans?
People who are residing in urban cities are more likely to apply for payday loans for money as compared to the rural area of Canada.
Payday loan regulations by state in Canada: