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CURRENT PAYDAY LOAN MARKET SITUATION : WHO THE AVERAGE BORROWER IS

Whether you are a major buyer or a seller, the Payday loan market situation affects your success. This article gives you a brief overview of mortgage lenders, lenders, and how they are offered.

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WHO USES PAYDAY LOANS?

Lenders are always looking to find out who the average borrower is. Most Americans are looking for non-traditional credit sources for quick access to cash. It is estimated that 15 million people access credit products each year, including fast cash loans, prepaid loans, non-bank loans, and auto loan installments. Tens of millions more Americans rely on subprime credit cards, bank account overdrafts, and other expensive forms of credit. In general, unexpected expenses, inadequate cash flow, overdraft, and planned purchases are four of the reasons for using these loans.

  • Unexpected cost

Some borrowers need funding to cover unexpected or emergency expenses. These borrowers use a wide range of credit products to cover expenses such as car repairs, medical bills, home repairs, or helping family or friends. This type of borrower is rarely a repeat customer. According to the survey, 47% of borrowers receive an average of only one or two small loans per year. They may normally be more financially stable.

  • Irregular cash flow

These borrowers frequently access lower credit amounts to pay bills when income does not cover expenses. Lack of liquidity may be due to low income, unstable income, or financial management problems. Inadequate cash flow borrowers frequently use down payment loans and other short-term credit options to cover items such as utilities, household expenses, and rent. About 42 percent of these borrowers receive six or more annual loans, and 16 percent receive more than 12 small-dollar loans a year.

  • More than income

These borrowers regularly spend more than they earn, use credit heavily, and have access to lower dollar loans for their expenses. These borrowers are more likely to use these loans and mortgages for necessities such as food and clothing. They also tend to borrow the least amount. Among over-the-counter borrowers, 77 percent of loans borrowed were under $ 500 and 30 percent below $ 100. Borrowers over and over again are more likely to take out short-term loans frequently.

  • Planned purchase

Planned purchase borrowers are rare in the credit market because they use low-dollar loans for large, planned purchases. They use installment loans to buy a car, make repairs, finance small businesses or buy furniture and appliances. This type of borrower has the lowest frequency, but they have access to the highest loan amount. Half of the planned purchase borrowers take one or two loans a year and borrow about 50 percent over $ 1,000 per loan.  This type of borrower is also the most financially stable borrower. They have the highest average income level and have 65% minimum savings over time.

PAYDAY LOAN TRENDS AND STATISTICS

You may have heard some interesting things about the mortgage industry in recent years, but not all of them are true. Get to know the industry, learn important statistics, and see why affiliates benefit from joining affiliate loan programs. In the United States, about 2.5 million households receive at least one fast cash loan per year. This is almost one in 50 Americans! The average fast cash loan in the United States is $ 350. For the payday loan industry, the average borrower earns about $ 30,000 a year. About 58% of customers who use short-term loans try to meet their monthly financial obligations. These are impressive industry statistics.

THE FUTURE OF THE PAYDAY LOAN

Recently, the loan industry was closely monitored. These regulations limit the interest rates on short-term loans. Some states, including Colorado, have made it necessary to extend these loans to a six-month repayment plan instead of the usual 14-day repayment plan. As a result of these regulations, many repayment lenders decided to close their shops. There are certain states that overnight lenders do not lend to.

Despite the regulations, the payday loan industry remained the same. Withdrawal of the law encourages competition in the pay lending industry, which improves credit options for borrowers in need of fast cash. The law required lenders to determine before the loan whether customers could repay their loans. The regulations also limit the lenders to just two attempts to withdraw money from the borrower’s accounts, an attempt to reduce the lenders’ fees they can collect. The decision is based on concerns that there is insufficient evidence that the loans on the day of payment are unfair. If this law were to be enacted, two-thirds of the borrowers would not be eligible for these loans. Without these strict regulations, the payday loan industry will continue to grow and provide the consumers short-term budget needed.

 
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