Many more Americans need access to alternative loan or “payday” services than you may think, this is who they are…

by The CAB Man Texas on December 17, 2016

Did you know?

  • 7 in 10 Americans have less than $1,000 in savings in case of emergency.
  • 34% of Americans have zero savings.
  • 5% of Americans have relied on payday loans or similar services.

Customer Demographics – per a Georgetown University McDonough School of Business study:

  • Majority earn between $25,000 and $50,000.
  • 90 % have a high school diploma or better, 54 % have some college or degree.
  • 53 % are under 45 years old (only 9 % are 65 or older).
  • Majority of customers are married and 63 % have children in household
  • 32 % own homes, 54 % have credit cards, 100 % have steady incomes, 100 % have checking accounts.

For more information, go to:  http://cfsaa.com/about-the-payday-advance-industry/customer-demographics.aspx

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.

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