Repair Your Credit | Who Uses Payday Loans? (Pt. 1)

Demographics of Payday Loan Borrowers

Welcome back to “Repair Your Credit.” Last time, we talked about some of the facts and fallacies surrounding the use of payday loans for credit repair. This time, let’s take a look at who uses the loan product to meet their short-term financial needs.

To begin with, consider this. Thanks to the myths the media propagate, many consumers come to the erroneous conclusion that cash advance loans are only for the poor or those in the most dire need. Others think that only minority groups or the uneducated sign up for these types of loans.

Using powerful online demographic analysis tools like those available from Quantcast.com, it’s easy to see exactly what kind of traffic online payday loan stores like PersonalMoneyStore.com attract. As you’ll see from a recently conducted survey of the Web site’s demographic usage statistics, the facts do not support the claims detractors make against the industry. ... click here to read the rest of the article titled "Repair Your Credit | Who Uses Payday Loans? (Pt. 1)"