Press info: speedeloans says that payday loans borrowers are making their money go further
Payday loans borrowers are making their loans go further, suggests the latest figures from www.speedeloans.com. The average customer in December 2011 stretched their borrowing for an extra 4 days – compared to the same period in 2010.
This may imply they are being more budget-conscious and eking out the money, rather than rushing out and blowing it, says Gary Miller-Cheevers, CEO from speedeloans.
The data for December 2011 also rung some other changes with the average payday loans borrower now:
- being slightly older at age 34 (compared to 32 in December 2010);
- more likely to be male (55% of borrowers in December 2011 were male compared to 50% for the same period in 2010);
- taking an average loan of £257 (up 10% on December 2010 figures);
- having pre-agreed borrowing for 39 days (up from 35);
- earning 3% more in December 2011 compared with December 2010;
- having less non-related debt (was £8,559 in December 2010 to £5,596 in December 2011).
Regionally, there was no change, with the top three towns / cities where borrowers live still being:
- London
- Manchester
- Birmingham.
Ends
CONTACT:
Gary Miller-Cheevers, speedeloans.com, CEO, telephone: 0844 879 3199 or 07545 148121, email: gmc@speedeloans.com
Stella Hulott, Speedie PR, telephone: 01843 831088 or 07932 750271, email: stella.hulott@speediepr.co.uk
ABOUT US:
speedeloans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Privately backed by people who understand our customers, our mission is to provide instant decisions and two hour money whenever they need it.
We are at the cutting edge of modern consumer finance by offering small, short term loans online with real speed and ease. We are flexible and paper free which means you can apply using our easy-to-use website whenever you need cash in a hurry. We have a consumer credit licence from the Office of Fair Trading.
In August 2011 we won an award for “Most Responsible Lender” which we welcome as proof that we are doing the right thing both for our own business, but also more importantly, our customers.
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