At the request of one of the leading loan companies, Fast Lender which is not only one of the leaders on the market of stationary loan companies, but also the owner of Good Money and King Credit, a survey was conducted among its clients. The study aimed to determine who the people who are looking for loans in the non-banking sphere are.
Women borrow more often
The first conclusion we can make is that loans are statistically more often taken by women. As many as 63% of clients from the non-banking sector are representatives of the fair sex. Therefore, it is not surprising that a loan offer addressed only to women, namely Woman with Cash, has been created.
Another aspect that has been examined is the age of borrowers. It is very important that the survey was conducted among clients of loans sold by advisers – where over 56% of clients are older than 50 years. Persons up to 30 years old constitute only 10%. This situation looks completely different in the online payday loans segment, which is certainly due to much greater access to the Internet among young people.
Educating clients of payday loans
When it comes to the level of education of borrowers, almost half have secondary education, almost 1/3 have completed vocational training, and 15% have completed university studies.
The study shows that it is most difficult to get a non-bank loan with basic education. It probably results from a lower score for such people, because the probability of finding a job by them is much lower than for people with education preparing for a specific profession.
The poorer borrow more often?
Over half of the borrowers estimate that they are living at an average level. This is a subjective assessment because it is not supported by numbers that would accurately illustrate how much the clients of loan companies earn. However, a minority of customers declare that they live modestly for the money they earn. 9% of customers say that they earn and live well, probably non-bank loans, they take advantage of the convenience of not undergoing a lengthy verification process in the bank.
Fast Lender also examined the number of people in the household. Almost 1/3 people are two-person households, and 26% single. This clearly shows that outside the banks, they lend people without children, meeting non-family needs. 42% of loan clients without BIK have family and dependent children.
What do we use the money from payday loans for?
Statistics show that clients of loan companies are a standard cross-section of society. This product is not reserved for the poorest, because most borrowers rate their standard of living above average.
Interestingly, loans are mostly taken by people without children, financing their pleasures such as shopping, trips, hobbies, which is a positive signal that payday loans are mainly used to support the household budget, and not to finance in times of crisis.