Payday loan customers getting older

January 26, 2006 - Scottsdale, Arizona

Personal Cash Advance released a quarterly demographic survey this week which indicates that consumers of cash advance products are getting older. The report shows that 30% of processed applicants were 45 years of age or older, which is in-line with the Community Financial Services Association of America findings of 32% in the same age bracket.

"This demonstrates a growing trend of mature adults on the internet, the fact that these adults are becoming more aware of the products available to them, and an increasing trust with respect to giving out personal information," explains Kimberly Requin of Personal Cash Advance. "We've seen increases of this sort for the past few quarters, so it's fair to say that the older adults will utilize these services - along with other financial services - at an increasing rate as time goes on."

The report also indicates that while an increase of 45+ consumers is evident, the same does not hold true for consumers over the age of 65; this age bracket only accounted for 4% of business during the previous year.

News Source

24-7 Press Release, Staff Writer

Related Stories - Arizona

• Payday lenders, state reach deal on curbing fees [March 18, 2007]
• Hot line helps Tucsonans avoid predatory lenders [November 4, 2006]
• Credit union to offer cheaper alternative to payday loans [October 24, 2006]
• Limit need, not loan shops [October 14, 2006]
• Payday lenders target young military families [September 5, 2006]
• Mesa plan to restrict payday loan stores cited as racism [August 18, 2006]
• Payday-loan controls nixed [May 6, 2006]
• Payday-lending reform bill is next to useless [May 5, 2006]
• Payday loan survey raises questions [March 17, 2006]
• Cash advance to computer upgrades [February 1, 2006]
• Payday loan customers getting older [January 26, 2006]
• Arizona payday loan stores face restrictions [December 22, 2005]

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