Figure 1: Respondent age bracket
|Respondent age group||per cent|
As shown in Figure 1, 72 % of participants had been between 25 and 54 years old. Eighty-three % lived within an area that is urban and 55 percent rented their installment loans no credit check property (while 32 per cent owned a house with a home loan and nine per cent owned one without home financing. )
More participants had incomes that are low-to-moderate.
Figure 2: Home earnings
|lower than $32K||28|
As shown in Figure 2, over 50 per cent lived in households with yearly incomes under $55,000, and over 70 per cent lived in households with incomes under $80,000. Nonetheless, 20 per cent reported home incomes surpassing $80,000, with seven % over $120,000, demonstrating that cash advance use just isn’t on a low-income Canadians. Footnote 11
This demographic information will assist FCAC to tailor academic resources.
4.2. Understanding expenses
Pay day loans can be a high priced method to borrow funds. As shown in Figure 3 Footnote 12, they have been far more high priced than many other credit that is short-term.
Figure 3: pay day loan price vs. Alternative methods of borrowing (considering a $300 loan taken for a fortnight)
|Borrowing from personal credit line||Overdraft security on a banking account||advance loan on credit cards||pay day loan|
Regardless of this, less than 50 % of participants comprehended that a payday loan is higher priced than a superb stability or advance loan on a charge card (see Figure 4). This means that that most participants are not alert to the general expenses of most short-term credit choices and might be utilizing payday advances more regularly because of this. Continue reading