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Who Hates Payday Loans the Most

ΑΑΑΤΕ Υog YOU HATE PAYDAY LOANS Presented by WHO HATES PAYDAY LOANS THE MOST? Everyone seems to hate the payday loan industry, but there are certain groups who loathe these loans more than others. A BORROWERS A NON-BORROWERS Which word do you most associate with payday loans? PREDATOR 28% PREDATOR 44% LENDER 29% LENDER 12% CASH 34% CASH 20% SCAM 7% SCAM 18% OTHER 2% OTHER 6% What is the worst part of the payday loan industry? HIGH INTEREST RATES 75% HIGH INTEREST RATES 92% LIMITED CASH AMOUNTS 8% LIMITED CASH AMOUNTS 0% SHORT LOAN PERIODS 10% SHORT LOAN PERIODS 3% AGGRESSIVE MARKETING 6% AGGRESSIVE MARKETING 5% CUSTOMER SERVICE 2% CUSTOMER SERVICE 0% What word would you use to describe payday lenders marketing tactics? VAGUE 23% VAGUE 20% AGGRESSIVE 27% AGGRESSIVE 25% DECEPTIVE 27% DECEPTIVE 47% INFORMATIVE 22% INFORMATIVE 8% Why did you choose a payday loan instead of an alternative line of credit? Who chooses payday loans as a credit option? NO OTHER OPTION 44% ANYONE IN NEED 26% EASY AND CONVENIENT 37% THE POOR AND DESPARATE 35% ANONYMITY 6% FINANCIALLY IRRESPONSIBLE 18% AVOID FRIEND & FAMILY BORROWING 14% LESS FINANCIALLY KNOWLEDGEABLE 20% What would most improve your payday loan experience? What should payday loan services do to be more beneficial to consumers? 39% SAID: 18% SAID: CREATE STRICTER REGULATIONS BE ELIMINATED WHO HAS EARNED THE HATER STAMP? PAYDA HATER NON-BORROWERS! PAYDAY LOAN RATER OTHER PAYDAY LOAN HATERS Non-borrowers may have earned the Hater Stamp for their beliefs, but some may be surprised to find where consumers, borrowers and non-borrowers alike derive their opinions. Persistent Hater: Unfiltered Hater: THE MEDIA POLITICIANS Labour MP Stella Creasy said, "[Legal] Loan sharks are circling Britian's poorest families watching them struggle and sensing a There are 645,000 results in Google for "payday loans" + "predatory". PAYDAY LO business opportunity." HATER Jealous Hater: Holy Hater: BANKS RELIGIOUS FIGURES According to the Guardian, "if you are at your credit limit, your options are a payday loan at 2,000% or an overdraft charge of 800,000%." May 2012, the bishop of Durham describes interest rates as sinful and usurious. Borrowers & Non-Borrowers were asked: Who influences your payday loan opinion the most? OTHER CONSUMERS 39% MEDIA OUTLETS 49% POLITICIANS 2% 42% of those who have taken out a payday Loan offered positive or neutral sentiments BANKS 8% RELIGIOUS FIGURES 1% THE REALITY OF PAYDAY LOANS Everyone hates the rates: Then why do borrowers use them? 83% SAID: INTEREST RATES ARE THE WORST PART OF UNEXPECTED EMERGENCY 41% PAYDAY LOANS EVERYDAY LIVING EXPENSES 47% 42% SAID: DEBT CONSOLIDATION 8% HOLIDAY EXPENSES 3% HARSHER RATE REGULATIONS ARE NEEDED OTHER 1% WHO ARE THE BORROWERS? 37% of borrowers are betuween the ages of 20 and 30 MALE NO EMERGENCY FUND LESS THAN £500 58% 58% 23% GENDER BORROWERS EMERGENCY FUND FEMALE £3000 OR MORE £1000 - £3000 £500 - £1000 42% 6% 3% 10% £50,000 OR MORE £30,000 - £40,000 £20,000 - £30,000 EMPLOYEED PART TIME EMPLOYED FULLTIME 7% 21% 24% 10% 74% INCOME EMPLOYMENT £10,000 OR LESS £10,000 - £20,000 UNEMPLOYEED RETIRED 18% 26% 14% 2% I HATE YOU PAYDAY LOANS still You don't have to love payday loans in order to apply, but you do need to understand them. The only way to borrow smart is to get a payday loan education. The information presented in this infographic was gathered in a Payday Loan Industry Sentiment Survey, taken by 261 UK consumer respondents, presented by 100DayLoansUK Design by LOAN AN HATER П R PAYDAY LOAN HATER OAY LOAN H

Who Hates Payday Loans the Most

shared by JNegri on Oct 25
Consumers seem to harbor a deep-rooted hatred for the payday loan industry. The infographic Who Hates Payday Loans the Most explores just how much borrowers and non-borrowers despise these loans and w...


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