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.
About Jason Hulott
