Payday loans are easy news fodder, so the media want you to believe that payday lenders prey on the poorest most vulnerable members of society, without exception – but is this really the case or is it just a myth?
This infographic from Purple Payday, one of the leading UK payday loan brokers, has the answer based on statistical data collected from their own customer applications.
If you’re a Purple Payday customer, the likelihood is that you are a male in your mid-twenties and in full-time employment, earning at least £1500 a month (not exactly poor then) – which would suggest that the average £150 loan was probably used to fund a boozy weekend. It was, wasn’t it?
Click the image to enlarge