It is hardly a secret for anyone that the economic situation in the city influences the behavior of its inhabitants. This dependence also applies to the attitude of citizens to loans and payday loans. Researchers found supporting evidence of this relationship.
To do this, they studied the situation in several cities that are very different from each other in terms of economic activity. Of course, the study has undergone the capital of our country, several settlements with one large enterprise, the so-called single-industry towns and several cities, in which the economy suffered greatly as a result of the crisis.
In each group, a different attitude of citizens to payday loans was noticed. In this case, common figures are also available. So, for example, short-term loans “Before Salary” in all regions are more often taken by women than men. The difference is about two times.
In the capital, most often payday loans are taken by people from 30 to 45 years old who have a higher education. Loans for several weeks in small sums are most often taken by middle-income workers. These are people whose payment of bills is no more than 20% of all expenses.
It is not strange, but the other two groups of cities are not very different from each other. In single-industry towns and category C regions, the average borrower is approximately the same: age from 18 to 45 years old, no higher education, and paying monthly bills takes away about half of all expenses. The loan “Before Salary” is usually applied to ordinary workers and people who have not received a diploma from a higher educational institution.
Regarding the reasons why a payday loan is taken, again there is a difference between Moscow and the other two groups. More than half of borrowers in the capital make a loan in order to purchase household appliances, buy a new phone, clothing or jewelry. For comparison, in other cities less than 10% of borrowers indicate a similar goal. In single-industry towns and cities of category C, mainly Payday Loans apply when it is necessary to pay off another loan, buy essential goods, or pay for treatment.
Despite the significant differences in the above figures, there are several common ones. So, for example, for every fourth borrower, the amount of a short-term loan exceeds his monthly income, for some by 1.5 and even 2 times. Every third person takes such a payday loan with a sum of more than half of his earnings.
About 60% of respondents were able to identify the exact daily interest rate under the loan agreement. 6 people out of 10 could not answer this question.
Most of those who applied to Payday Loans (almost 80%) reported that they had never made a payment delay. Almost 20% admitted that they were late with the payment or have a delay in payment at the moment, but they are absolutely sure that they will cope with the situation. 2 people out of a hundred are sure that they will not be able to close all loan payments.
Most Payday Loan clients already have a bank loan or use a credit card. In Moscow, there are more than half of such consumers of loans, a quarter in single-company towns, and a little more in category C cities. Approximately every fourth borrower (in all cities) arranged a payday loan in order to repay the existing loan.