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The Who Hates Payday Loans Infographic is based off the 2012 Payday Loan Sentiment Survey, conducted by 100 Day Loans UK. This Infographic is part of our I Hate You Payday Loans campaign, for more information on the campaign, click here.
Words synonymous with payday loans are often the likes of “SCAM,” “PREDATOR,” and “DECEPTIVE.” At least, that’s what almost half of consumers who have never borrowed payday loans answered.
- 36 per cent of consumers associate the term “predator” with payday loans
- 37 percent of consumers think payday loan lenders use “deceptive” marketing tactics
- 83 per cent of consumers said “high interest rates” are the worst part about the payday loan industry
- 35 per cent of consumers said payday loans are for “the poor and desperate”
Our 2012 Payday Loan Sentiment Survey asked a selection of people a series of questions to get to the root of their hatred. But consumers aren’t the only ones mouthing their distaste for the short term financial products.
Nearly half of those surveyed reported media outlets as their source of payday loan influence. From the persistent media hater Google, to the holy hater bishop of Durham, the outspoken political haters, even the jealous bankers, spread their payday loan hate words.
“[Legal] Loan sharks are circling Britain’s poorest families watching them struggle and sensing a business opportunity,” said MP Stella Creasy.
Who are the Borrowers?
Millions of Britons rely on payday loans regularly to cover the cost of bills each month. Despite the veil of hatred surrounding these products, the I Hate You Payday Loans survey found that 42 per cent of payday loan borrowers offered positive or neutral sentiments about their experiences.
Consumers see payday loans as products used only by those of the poorest economic status that lack sufficient financial knowledge and are desperate for a quick fix. While many working-class borrowers are looking to bridge their wage day gaps, as the survey found, borrowers reported having no financial alternatives.
- 47% of borrowers took out a payday loan for everyday living expenses
- 37 per cent of borrowers are between the age of 20 and 30
- 18 per cent of borrowers are below the poverty line
I Still Hate You Payday Loans
The Who Hates Payday Loans the Most Infographic is a visual representation of the 2012 Payday Loan Sentiment Survey. For more information, please view the survey analysis, here.
Who Hates Payday Loans the Most? – An infographic by the team at 100 Day Loans UK
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