According to a 1PLs Company (or 1Payday.Loans) 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).
Why do people keep taking such cash advances? And most importantly, for what purpose do they take the money? This infographic compiles the top 10 main reasons why people are ready for big overpayments.
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Co-founder and Vice President of SearchRank, responsible for many of the day to day operations of the company. She is also founder of The Arizona Builders’ Zone, a construction / home improvement portal.
