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4.1. Demographics. Many borrowers within our sample were of working age.

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4.1. Demographics. Many borrowers within our sample were of working age.

Figure 1: Respondent generation

Respondent age group %
18-24 6
25-34 24
35-44 27
45-54 21
55-59 10
60-64 7
65+ 6

As shown in Figure 1, 72 % of participants had been between 25 and 54 years old. Eighty-three per cent lived in a area that is urban and 55 per cent rented their house (while 32 per cent owned a property with home financing and nine per cent owned one without home financing. )

More participants had incomes that are low-to-moderate.

Figure 2: Domestic earnings

Home income %
lower than $32K 28
$32K –

As shown in Figure 2, over 50 per cent lived in households with yearly incomes under $55,000, and over 70 per cent lived in households with incomes under $80,000. But, 20 per cent reported home incomes surpassing $80,000, with seven per cent over $120,000, demonstrating that cash advance use is certainly not limited to low-income Canadians. Footnote 11

This demographic information will assist FCAC to tailor academic resources.

4.2. Understanding expenses

Pay day loans are a high priced method to borrow funds. As shown in Figure 3 Footnote 12, they have been far more high priced than many other credit that is short-term.

Figure 3: cash advance price vs. Alternative methods of borrowing (predicated on a $300 loan taken for two weeks)

small personal installment loans

Borrowing from personal credit line Overdraft security on a banking account advance loan on credit cards pay day loan
$5.81 $7.19 $7.42 $63.00

Not surprisingly, less than 50 % of participants comprehended that a payday loan is more costly than a superb stability or cash loan on a charge card (see Figure 4). Keep reading

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