The Typical Payday Loan Customer Revealed as Speed-e-Loans Celebrates One Year in Business and 100,000 Applications

HERTFORDSHIRE, ENGLAND, February 02, 2011 (Press-News.org) 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

speed-e-loans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Privately backed by people who understand our customers, our mission is to provide instant decisions and two hour money whenever they need it.

We are at the cutting edge of modern consumer finance by offering small, short term loans online with real speed and ease. We are flexible and paper free which means you can apply using our easy-to-use website whenever you need cash in a hurry. We also offer a prepaid MasterCard that can be loaded with your payday loan. We have a consumer credit licence from the Office of Fair Trading.