Typical Users Cash Advances & Payday Loans

Most clients use payday advance responsibly and moderately.

A cash advance [also called payday loan is a closed-end, short-term transaction with a one-time flat fee. No revolving debt and no additional fees or accruing interest if not paid when due.

Cash Advances are used for several reasons:

• 66% use payday advance to cover unexpected expenses or a temporary reduction in income
• 34% use it for planned expenses or other discretionary uses
• 60% either did not renew in the last year or renewed only 1-4 times

Research and regulators confirm more than 70% use the service about once a month or less.

The Credit Research Center national survey reports 78% use 14 or fewer times annually.

Wisconsin Department of Financial Institutions reports 71% use 15 or fewer times.

North Carolina Commissioner of Banks reports 73% use once a month or less.

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