Payday Loan Borrower Demographics

5% of the US population has taken out at least one payday loan. 10% of the adult population (24 million people) said they are very likely to take out a payday loan in the future.


  • 84% are high school graduates.
  • 20% have a college degree.

Active Duty Personnel

  • 5 active duty military personnel were payday borrowers in 2005.
  • 3x more likely than civilians to have taken out a payday loan.

African Americans

  • 2x more likely to have borrower from a payday lender in a two-year period than whites (10% vs 5%).
  • 5x more likely than whites to take out multiple loans.
  • 24% of borrowers are African American.


  • 5+ outlets in neighborhoods where average income was between $20-40k, compared to 3.4 in neighborhoods with income less than $20k.
  • 4x as many payday loan outlets in neighborhoods where 70% of the population is a minority compared to those with 10% minority.

Income and Financial Position

  • Average household income levels are $48,000/year nationally. Dip as low as $19,000/year on a State-by-State basis.
  • 3x more debt constrained than the average US adult.
  • 4x more likely to have declared bankruptcy.
  • 42% are home owners.

Age and Sex

  • 38 years old.
  • 60% of borrowers are female.
  • 64% have a child under 18.
  • 55% rent.
  • 65% are single.


  • 40% have been with their current employer for less than a year.
  • 30% are laborers, 20% office workers.