As of 2023, the US population is over 334 million. Did you know that every thirtieth person applies for a short-term loan at least once a year? You can say that this is only 3.5% of the total population of the United States of America. Yes, it seems like a little. But if we calculate a little, we will get about 12 million borrowers. This means that about 1 million Americans take a payday loan every month. That is about 33 thousand people a day. This is how a small, at first glance, 3.5% turned into a huge mass of people facing emergency financial situations.
1PLs Company did a study to find out the top 10 reasons why people apply for expensive loans (and payday loans are quite expensive since they have an annual interest rate of about 400%. It depends on the city / state of residence, but this is an average). Are you already interested in knowing the top 10 purposes for which US residents apply for small but expensive loans up to $1,000? Then this infographic is for you.
Infographic Source: https://1payday.loans/blog/top-10-purposes-to-take-a-small-loan-infographic/