The Typical Payday Loan Customer Revealed as Speed-e-Loans Celebrates One Year in Business and 100,000 Applications
"50% of payday loans borrowers are white collar workers - 23% employed as office workers or in administrative roles; 14% employed in managerial positions; and, 13% in sales & marketing".

HERTFORDSHIRE, ENGLAND, February 02, 2011 /24-7PressRelease/ -- As online payday loan provider speed-e-loans celebrates one year in business on February 5th, the company has released data that may dispel some of the assumptions as to who a typical payday loan customer really is.

Statistics from the company - who have received over 100,000 applications since launch - reveal that a typical payday loan customer isn't how the media often portrays them (ie as a heavily indebted, lower income earner or unemployed student) but typically a financially established, professional person needing a one-off cash injection.

These customers include accountants and financial advisers - people who are financially savvy - as well as doctors and solicitors, who are often seen as high income earners.

The data, gathered over the last year, reveals:

EMPLOYMENT - 100% of speed-e-loans customers are in full time employment with:

- 50% of payday loans borrowers being white collar workers - 23% employed as office workers or in administrative roles; 14% employed in managerial positions; and, 13% in sales & marketing;
- 25% working in the public sector (as either a nurse, doctor, teacher, in the armed forces or in the police or emergency services).

PROPERTY OWNERSHIP AND OTHER DEBT

- 29% of speed-e-loans borrowers own their own (mortgaged) home;
- 86% have resided at their current address for more than a year;
- speed-e-loans customers have less unsecured debts (GBP8193) than an average UK household (GBP17,838)*.


AGE, GENDER AND INCOME - slightly more women (53%) than men have used the speed-e-loans service and:

- 39% of borrowers are in the 20-30 age bracket;
- 36% are aged 30-40 (an age group that are considered to be financially sophisticated);
- their average income after tax is GBP1430 per month.

TOP 3 PURPOSES FOR A PAYDAY LOAN:

- 32% borrow to pay day-to-day bills;
- 22% borrow for an emergency purchase ;
- 19% for a special occasion.

Gary Miller-Cheevers, CEO from the site, says: "With over 100,000 applications to date we are now an established player on the UK online payday loans space. In some circumstances, our service can often be a more cost-effective solution than an unauthorised overdraft and is one that may really help people who need a temporary, fast financial fix.

"Despite the image surrounding payday loans that lenders pile debt misery on to already heavily indebted individuals, this is not the case, as our data shows. Our customers are white collar workers who want a relatively small, fast cash advance ahead of their next payday."

Visit www.speed-e-loans.com for more information.

Ends

*Source: Credit Action http://www.creditaction.org.uk/helpful-resources/debt-statistics/2010/november.html

Press Release Contact Information:

Gary Miller Cheevers
Speed-e-Loans Ltd
Director
Catalyst House,720 Centennial Park
Elstree, Herts
UK WD6 3SY
Voice: 0844 879 3199
Website: Visit Our Website