Different Goals of Payday Loan

goals of payday loans

To take a loan to an Payday Loan does not necessarily indicate the reason, but most often people are not shy about sharing this information with their creditors. And the Payday Loan, in turn, may collect this data for statistics and in the future develop products that are more suitable for the public. In the past few days, a study was conducted in which experts identified different goals of payday loans. So, what are borrowers taking loans from microfinance organizations for?


Payday Loan target rating

Considered applications of 15,000 borrowers aged from 18 to 70 years. Of these, most often, filling out a questionnaire, indicated “unforeseen expenses” in the form of a payday loan goal. Such people turned out to be more than 40%. Under this criterion were such reasons as, urgent repair of a car or home appliances, utility bills and medical expenses. Many financial analysts argue that it is unforeseen expenses that are difficult for Russians to forecast in a timely manner.

The second place in popularity among various goals of payday loans is occupied by such reasons as the purchase of gifts, spending on holidays and expenses associated with children. Just over 11% of the applications reviewed in the study. Especially popular in this group of goals are the costs for the upcoming first of September.

Payday Loan target rating

Next come the loans for the repair of residential premises – not much more than 10%

8% of borrowers borrowed for the purchase of new household appliances

The previously considered popular reason for taking a payday loan is the payment of a valid loan, in fourth place – less than 8%

This is followed by various goals of payday loans, which scored less than 5% of the votes of Payday Loan clients participating in the study. This group included such reasons as the development of entrepreneurship, payment for insurance or traffic police fines. And completing the chain of rating, apparently due to the end of the summer season, taking loans for vacation or travel.

Take a Payday Loan for any purpose is always possible in our company!