5% of the US population has taken out at least one payday loan. 10% of the adult population (24 million people) said they are very likely to take out a payday loan in the future.
Education
- 84% are high school graduates.
- 20% have a college degree.
Active Duty Personnel
- 5 active duty military personnel were payday borrowers in 2005.
- 3x more likely than civilians to have taken out a payday loan.
African Americans
- 2x more likely to have borrower from a payday lender in a two-year period than whites (10% vs 5%).
- 5x more likely than whites to take out multiple loans.
- 24% of borrowers are African American.
Minorities
- 5+ outlets in neighborhoods where average income was between $20-40k, compared to 3.4 in neighborhoods with income less than $20k.
- 4x as many payday loan outlets in neighborhoods where 70% of the population is a minority compared to those with 10% minority.
Income and Financial Position
- Average household income levels are $48,000/year nationally. Dip as low as $19,000/year on a State-by-State basis.
- 3x more debt constrained than the average US adult.
- 4x more likely to have declared bankruptcy.
- 42% are home owners.
Age and Sex
- 38 years old.
- 60% of borrowers are female.
- 64% have a child under 18.
- 55% rent.
- 65% are single.
Employment
- 40% have been with their current employer for less than a year.
- 30% are laborers, 20% office workers.
