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People of all income levels use payday loans
#31
I think the people who have a big salary are caught up in managing and keeping up with the lavish lifestyle and it's hard to believe that they borrow payday loans. Other just have many things to take care of families mostly, the money is used up very fast and a payday laon comes in handy. If I were in the position of earning such money I'd never think I'd borrow payday loans but,one can never knows what can come up. Emergencies are other reasons why people go for payday loans, I mean emergencies can get a person in a really bad spot. I agree people of all incomes do reaaly need loans, once money is used up one is in really need of a loan.
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#32
Indeed, that is extremely conceivable if that $100,000 come in portions, say month to month. There comes a period when a crisis circumstance happens and you have just distributed the cash you got to essential issues, at that point that is the time payday credits are extremely valuable. It can likewise be the point at which you see an extraordinary offer, similar to a device, or even speculation or capital, this kind of loan comes helpful in fact.
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#33
There are rare occasions where payday loans can come in handy, especially in emergency circumstances. Payday loans normally have high-interest rates, and the debt can quickly build up if it is not paid in time. So before applying for a payday loan, be sure to check whether you can pay off the debt without it being a burden on your shoulders.
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#34
Yes, some people are fast and lose with their cash and may be robbing Peter to pay Paul so to speak. I suppose people of all income levels can get over extended and may have to use Payday loans. They are probably lying to themselves about how much disposable income they have or something.
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#35
I know it is crazy to see people who earn up too 100,000 dollars still opting for a loan, these is because they ran into a crucial time of need that's why they use payday loan, these episodes of recession comes knocking at anytime with no better options than to collect payday loans.everyone at all income levels also file in for payday loan, it shouldn't be a surprise to anyone except for those who are extremely rich(I guess they do too).
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#36
I have done some research on who is most likely to take a payday loan based on different factors.

Factors:

Age: People ages 25 to 49 are most likely to use payday loans. Seniors are least likely.
Education: People who haven't gone to college are most likely to use a payday loan.
Race: African-Americans are twice as likely to use a payday loan than people from other ethnicity. 
Income: Those with household income between $15 000 and $ 25 000 are most likely to take out a payday loan.
Real estate: Renters are more likely to use a payday loan than home owners. 
Workplace: Disabled and unemployed people are most likely to take a loan.
Familial status: Parents are more likely to take out a payday loan than people without children.
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#37
(01-12-2018, 07:25 PM)chikatilo Wrote: I have done some research on who is most likely to take a payday loan based on different factors.

Factors:

Age: People ages 25 to 49 are most likely to use payday loans. Seniors are least likely.
Education: People who haven't gone to college are most likely to use a payday loan.
Race: African-Americans are twice as likely to use a payday loan than people from other ethnicity. 
Income: Those with household income between $15 000 and $ 25 000 are most likely to take out a payday loan.
Real estate: Renters are more likely to use a payday loan than home owners. 
Workplace: Disabled and unemployed people are most likely to take a loan.
Familial status: Parents are more likely to take out a payday loan than people without children.

Great research there. When it comes to age, I can definitely agree to that. And yes, seniors are not any more prone to loaning money because their expenses are lesser already. I also observed that most high school graduates often resort to loans just to open up a business or for luxuries.
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#38
That's a lot. people should really consider the loans that they are going to get. High interest rate makes it difficult to pay off the debt. We all know that people do get loans. We cannot avoid it. But make sure you know all the terms and rates that you are getting.The lower the interest rate the better it is.
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#39
There is a saying in my country, there is no middle class. 'Middle class' folk are people living life's they can't afford using debt. I agree the most important strategy for your financial future is to have savings, to cushion you in case of emergencies. When you are used to debt you rob Peter to pay Paul, so to speak. I don't believe in borrowing even if it takes 10 jobs, that's what I will do. Borrowing a $300 payday loan and you earn $100,000 makes no sense to me.
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#40
(12-31-2017, 06:32 PM)Robbie626 Wrote:
(12-28-2017, 08:04 AM)Michael Puttman Wrote: According to this article Taking charge of your future people of all income types are using payday loans. It's hard to believe that people making $100,000 would use a $300 payday loan.

It is hard for me to believe as well that people with that kind of income take out loans. I always believed that if you do not have money for something you cannot buy. This usually goes for taking out loans to gamble, video games, and other unnecessary wants that you can live without. A person who earns $100,000 can easily start saving at least 20% of each paycheck for a raining day to prevent loans. Loans should be the very last choice if you do not have any money for rent, food, or other requirements to live. Interests will make $300 dollars take forever to pay off and you will be paying back like $600. Saving is key and there is no excuse for a $300 payday loan with that amount of income. They could have saved at least $2,000 with what they make.

A payday loan is not always about paying unforeseen expenses or getting by while living paycheck to paycheck, from what I have gathered. I believe it's a smart strategy to use this in the event there is an error processing direct deposit on the employer's end or if they make an accounting error. I saw this firsthand where someone was overcredited and HR/Payroll came in and told him that they would take the amount out of his paycheck. Well, he had budgeted that money as a bonus and gotten used to it. It balances out when one is normally used to receiving an extra $500 and they have to go 2 weeks without it until the paycheck balances out. It can be a little disintegrating and unstable. So it's kind of like a cash advance more than anything, but it shouldn't be misused in other ways -- that's where it doesn't work or make sense.
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