Canadian Payday Loan Survey Shows Surprising Results
A new report out of British Columbia says the typical payday advance loan customer is employed and educated with an average income.“This survey will begin to put to rest inaccurate comments made about the education, income, knowledge and reasons why people look to payday loans instead of other forms of credit,” said Stan Keyes, president of the Canadian Payday Loan Association.”This research is important and should carry more weight than the usual anecdotes, ‘gut hunches’ and speculation.”The survey found that the average fast payday loan customer is 40 years old; that 77% of customers are employed full-time; and that more than half have completed some form of post-secondary education.The average quick cash loan taken out is $381, with over half of customers borrowing less than $300. The most cited reason for getting a payday loan is to access a few hundred dollars between pay cheques instead of using a credit card or taking out a line of credit.