The Great Convenience

A nation wide survey has concluded that most payday loans clients have indicated that they could receive credit elsewhere. Forty one per cent reported having major credit cards. Twenty seven percent claimed they have personal loans while eighteen percent have lines of credit. Though a typical payday loan can be quite expensive, many say they prefer it for its convenience. Big banks typically do not want the short term, small loan business.

Forty nine percent of one thousand surveyed clients say they choose payday loans because they are quick and easy. Fifteen percent liked the convenient location while three percent cited the hours of operation. Twenty nine percent claimed to have bad credit or no other alternative. Sixty seven percent of surveyed people agreed that people should be able to obtain a loan from a payday loan provider since many large banks cannot or will not provide short term loans for a small amount. Seventy two percent of surveyed payday loan providers agree the charges for service are reasonable considering the short term loan offer without requiring credit check or collateral.