US PAYDAY LOAN USE BY DEMOGRAPHICS

Age 25 - 49

People of ages between 25 to 49 are more likely to use pay-day loans compared to other age groups. Senior citizens ages 70 and older are least likely to use pay-day loans

No four-year college degree

Those who haven't completed a four-year college education are more likely to take out pay-day loans. Beyond that, there isn't much difference based on level of education

African American

African Americans are twice as likely to take out a pay-day loan than people of other races/ethnicities

Income: $15,000 – $25,000/year

Those with household incomes less than $40,000/year are almost three times more likely to take out a pay-day loan than those with higher incomes. People in households making between $15,000 and $25,000/year are the most likely to take out a payday loan

Renter

Renters are twice more likely to use pay-day loans than homeowners

Disabled

Those who are disabled or unemployed are more likely to use pay-day loans than those who are employed

Parent

Parents are more likely to use pay-day loans than those without children

Separated or divorced

Those who are separated or divorced are twice as likely to use pay-day loans than people of any other marital status