01 juin 2013 ~ 0 Commentaire



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.

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.

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