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BD Guidance, Inc

personal installment loans

4.1. Demographics. Many borrowers inside our sample were of working age.

Figure 1: Respondent generation

Respondent age group %
18-24 6
25-34 24
35-44 27
45-54 21
55-59 10
60-64 7
65+ 6

As shown in Figure 1, 72 % of participants had been between 25 and 54 years old. Eighty-three % lived in a area that is urban and 55 per cent rented their property (while 32 per cent owned a property with home financing and nine per cent owned one without a home loan. )

More participants had incomes that are low-to-moderate.

Figure 2: Home earnings

Home income
lower than $32K 28
$32K –

As shown in Figure 2, over 50 per cent lived in households with annual incomes under $55,000, and over 70 percent lived in households with incomes under $80,000. Nevertheless, 20 per cent reported home incomes surpassing $80,000, with seven per cent over $120,000, demonstrating that cash advance use just isn’t limited to low-income Canadians. Footnote 11

This demographic information will assist FCAC to tailor educational resources.

4.2. Understanding expenses

Payday advances can be a high priced solution to borrow funds. As shown in Figure 3 Footnote 12, they truly are much more high priced than many other short-term credit choices.

Figure 3: pay day loan price vs. Alternative methods of borrowing (predicated on a $300 loan taken for a fortnight)

Borrowing from credit line Overdraft protection on a banking account cash loan on credit cards cash advance
$5.81 $7.19 $7.42 $63.00

Regardless of this, less than 50 % of respondents comprehended that a payday loan is more costly than a superb stability or advance loan on a charge card (see Figure 4). This suggests that almost all participants weren’t conscious of the general expenses of most credit that is short-term and may also be utilizing payday advances more regularly because of this.

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