According to a 1PLs Company study, up to 12 million Americans take out a payday loan each year. This is about one in three people in the country (or about 3.5% of the total US population). Short-term loans have a serious plus - they can be taken by almost every adult citizen who has a stable job (income). But short-term loans also have a significant disadvantage - these are high interest rates (an average of 400% per year). So why do people keep taking such cash advances? And most importantly, for what purpose do they take the money? We have compiled the Top 10 main reasons why people are ready for big overpayments. Only residents of the United States of America between the ages of 18 and 60 took part in the study.
An infographic developed by 1PLs Company shows the purposes for which US residents most often take short-term loans, despite their high interest rates.