What may surprise you is that the over 30's are the most regular users of payday loans, that's according to our data and the data supplied by other brokers or lenders. In fact those applicants who are between 30 and years old make up over 35% of the payday loan market.
This would indicate that those who are usually more financially secure are still struggling even though the economy is supposed to be on the rise. When asked what they needed a loan for, the most popular reasons where 1. Day to Day Bills 2. Emergency buys 3) Special Occasions.

Our data also revealed that despite the despite the stereotypical image of a manual worker borrowing from a payday lender, it is in fact white collar workers who were their top market. Surprisingly 8% of the borrowers list themselves as being Doctors and financial advisors.

So what do these figures mean?

These figures would indicate that the economy still has a fair old way to go before it recovers to where it previously was. Payday lending is usually one of the most expensive ways to lend, and if the older more secure age range are needing to borrow in this fashion it is indicating that lending from banks is still slow and hard to get. With new banks due to come into the UK market soon, this may be the only way that forces the banks to start lending again, until then payday lenders will continue to occupy this market.