Payday loans are short term loans that offer assistance for those who run into financial trouble before pay day. While these services are available for anybody who chooses to take advantage of them, it may come as a surprise that there are certain demographics that overwhelmingly more likely to do so. There are a variety of reasons why certain groups may be more likely to take out such loans, but by exploring them one can get better insight into the challenges met by such groups and whether or not payday loans serve as a helpful tool for them.
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One of the demographics that are most likely to take out a payday loan is disabled persons. Twelve percent of disabled people have taken out such a loan, making them one of the highest percentages of loan withdrawers. While there are many possible reasons why people with disabilities are so much more likely to borrow a loan, the main cause is no doubt the inability to work due to their physical impairment. Unfortunately, many disabled people are unable to find employment due to their condition. This becomes more difficult the greater the disability, and thus many disabled persons are forced to rely on government sustenance in order to make ends meet. The amount of assistance given varies depending on the reason for one's disability, but it is usually only enough to cover basic expenses. As such, many times disabled persons are unable to save for unexpected times of financial hardship and must look elsewhere for the necessary funds.
Another population that is more likely than average to use these loan services includes recently divorced or separated couples. This is to be expected, as divorces can be a costly endeavor. In addition to the price of filing papers and hiring lawyers, divorcés must deal with a significant and sudden reduction in income, as they can no longer rely on their spouse's paycheck in addition to their own. This abrupt loss of financial security forces many people to resort to previously unconsidered alternatives.
Unemployed people make up another large percentage of payday loan users. This may come as a surprise, as lenders often require regular employment for those who wish to withdraw a loan. However, many lenders are now allowing for unemployed people to take out loans so long as they can produce a bank statement showing that they have at least the amount of the loan available in their account. When the time comes for the loan to be repaid, the amount due is automatically taken out of the borrower's account. Of course, it makes sense that unemployment would warrant a payday loan withdrawal, since it is during such times that money becomes particularly tight.
Do these demographics benefit from the availability of such loan services? This is a matter that is up for debate. Some believe that these groups are unfairly targeted because of their situation, while others argue that lenders give these groups an opportunity that others are unwilling to. Unfortunately, members of the previously mentioned demographics are often either unable to build credit or suffer from bad credit due to the unfortunate circumstance that they have found themselves in. Payday loans offer the only option for many of these individuals and as such, they may be a helpful resource in hard times.
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