Payday Loan Demographics Study – December 2010
A common myth is that payday loan consumers are mostly poor, uneducated and African American. This stereotype is often used by politicians when trying to justify “feel good” payday loan laws that end up hurting consumers.
In this Payday Loan Demographics Study, we examine the gender, age, ethnicity, household income and education of 2,228,799 unique visitors to the 18 payday loan sites listed on our Compare Lenders page.
It is intended as a follow up to our Demographic Study of Online Payday Loan Consumers posted in 2008 but it looks at a data pool ten times the size of our previous sample.
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Added Traffic Comparison Page
We’ve added a Traffic Comparison page to help you compare payday lenders by website statistics.
Website traffic statistics can be a useful tool when comparing online lenders. The number of people who visit a site, how many times they visit, the number of incoming links and PageRank of a site can give an indication of its relative popularity and importance.
Web stats, however, should be used with caution…
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Added Better Business Bureau Ratings
To make your search for legitimate payday loan sites easier, we’ve added Better Business Bureau ratings to our website.
A new page entitled BBB Ratings of Online Payday Lenders lets you compare actual lenders by BBB rating.
We’ve also added a new BBB Rating A+ category so you can limit your search to only those lenders with an excellent BBB rating.
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Removed Toll-Free Phone Category
We decided to remove our Toll-free Phone category.
Back when we started this site in 2006, not all payday loan sites had toll-free phone numbers. They were a perk that differentiated lenders.
Now, all actual payday loan companies have a toll free number. If the site you are looking at doesn’t, you really should stay away…
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MicroBilt Corporation/ CL Verify
As of September 1st, 2010, MicroBilt Corporation is the new home of CL Verify (formerly a subsidiary of DP Bureau).
CL Verify is a real time credit bureau used by many payday lenders.
If you’ve ever taken out a payday loan, chances are you have a record in the CL Verify database…
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