Misconceptions about consumers who use short-term payday advances are common, including the erroneous belief that they are “unbanked.” In fact, 100 percent of payday loan customers have a bank or credit union account. According to an analysis of consumers who use payday loans, the typical customer has a low or moderate income, is in an early family life-cycle stage, and has children, little liquid assets, and uses other types of credit to meet unexpected expenses.
Payday Lenders Provide Desired Service to Lower and Moderate Income, Middle-Educated, Young American Families
Managing household finances can be a daunting task. However, by using solid budgeting and savings techniques, you can accomplish major financial goals. In the Customer Resource Center, CFSA offers a variety of payday advance resources that support and encourage responsible lending practices, and highlight the vital role of our members’ stores in neighborhoods near you.
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Here you will find an aggregate of industry research, comprehensive data, and benchmarking tools from the short-term lending industry. They cover all payday advance business areas – consumer demographics, media hits, the latest policy initiatives, among others. Click here to access to the partner's resource library.
CFSA works at the federal, state, and local levels educate legislators and regulators about the role of payday advances in the broader financial services arena. This section provides resources for policymakers who believe in access to credit, want to preserve financial options and ensure balanced, substantive consumer protections. Click here to enter the Policymaker Resource Library.