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White collar workers and professionals are top payday loan borrowers
Payday loans are often typically associated with students, the unemployed and lower income earners. However, surprising research has revealed that 50% of payday loans borrowers are white collar workers and professionals, including Accountants and Financial Advisers – people who traditionally take care of other people’s money for a living!
Specialist payday loans company Speed-e-loans has analysed its first 3 months’ data* and found that the top 3 borrower employment categories consisted of:
1. Office workers and Administration (23%)
2. People employed in Management (14%)
3. Sales & Marketing (13% of all borrowers)
The figures also showed that 7% of all borrowers are Solicitors, Accountants, Doctors or Financial Advisers – professions that are traditionally associated with a higher wage and people who you would think would not run short of cash during the month.
The study also showed that 53% of all borrowers are female and the average income is £1430 per month after tax.
*Period: 05.02.10 – 20.05.10.
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