• Typical Borrowers

    Payday Loan Users: Who Are the Typical Borrowers?

    Each year, as many as 12 million Americans sign payday loan agreements. With the ubiquity of the internet, short-term loans, especially payday offers, have become accessible like never before. So, who are the typical applicants, and how do they usually spend the borrowed money?   First and foremost, payday loans were devised as a form of emergency financial assistance to individuals who are short of cash. Whether it’s unexpected medical expenses or utility bills demanding urgent payment, such credits enable you to pay your debts quickly, avoiding mounting overdraft fees and penalties. In essence, Internet access and a bank account are all you need to apply, as your identity details…