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Today, with rising unemployment, an unprecedented number of Americans today are experiencing financial problems related to the Covid pandemic. In this case, people need quick loans. These loans are easy and are only available to Americans with lower incomes. Also, these loans are the best option for people who have unexpected expenses and little time to repay them.

In this article, the most important reasons for using these loans are presented.

There are several reasons for the popularity of these loans. Lack of other financial options, poor financial credit, and low income are among the most important reasons for people to use these loans. People may even have less knowledge than other options. Or it may be difficult for some people to use the financial resources of family members or friends. However, although there are other options for these loans, they are not always easy to find. The lenders, on the other hand, have few conditions for review and evaluation. Most applicants do not provide credit checks or may not even be able to repay the loan. All people need to get these loans is an ID code, a bank account with relatively good financial status, and a fixed salary slip.


This section examines the main reasons why low-income Americans need these types of loans and how they relate to income levels and geographical location.

  1. First, you should know that getting daily these loans online is very easy and can be easily found when searching the internet. Although payday loans are called by many names, not all of them are the same. But getting a these loan like any other loan is not challenging.
  2. However, unlike many other loans, getting a these loan is not a difficult task. You will not be surprised if the requested loan is credited to your savings account within an hour or two. Under unusual circumstances, it may take up to a day for some loans to be repaid.
  3. According to research, most Americans use these loans to pay for their basic expenses, instead of reimbursing entertainment expenses or repaying other debts. With many Americans struggling financially with the Covid 19 pandemic, the struggle for pay is expected to intensify.
  4. The next reason for getting a these loan is to pay for the car. For most Americans, a car is essential to getting to work, and unexpected car problems can jeopardize one’s employment as well as disrupt daily life. After all, family and child expenses are another common reason for using these loans.
  5. Optional expenses such as travel and entertainment make up only 6.6% of the loans. Only 2.3% of the loans are used to repay other loans. However, health care costs account for 4.4% of payday loans.
  6. Higher-income vs Lower-income. Surveys show that people with higher incomes (more than $ 110,000 a year) are more likely to receive payday loans to cover their health care costs, but the least reason they have to pay for cars. On the other hand, low-income borrowers (earning less than $ 50,000 a year) are more likely to borrow to repay another loan and have the least use of the loan for health care costs. Among all income groups, the use of these loans for optional expenses is very low, and the low-income group is the least likely to use these loans for travel.
  7. Geographical differences. Finally, is there a geographical difference in the use of payday loans? Minnesota borrowers are more likely to use these loans to pay for car expenses. California and Wyoming are likely to use the loan to finance their entertainment. In Illinois, the budget is likely to be used to support families and children. Wyoming residents are likely to need a loan for health care. Oregon borrowers are more likely to use these loans to repay other loans, and Texas borrowers are more likely to use loans to travel.


With unprecedented economic uncertainty, many Americans have lost their jobs and need money to pay their unexpected bills and expenses. In this analysis, we have shown that, in general, most day borrowers use the budget to cover their basic expenses. However, young borrowers are more likely to use these loans for things like travel, entertainment, or repaying other loan installments. In most cases, people receive these loans to pay for expenses that need to be paid immediately.





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