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Payday loan customers getting older

January 26, 2006 - Scottsdale, Arizona

Personal Cash Advance released a quarterly demographic survey this week which indicates that consumers of cash advance products are getting older. The report shows that 30% of processed applicants were 45 years of age or older, which is in-line with the Community Financial Services Association of America findings of 32% in the same age bracket.

"This demonstrates a growing trend of mature adults on the internet, the fact that these adults are becoming more aware of the products available to them, and an increasing trust with respect to giving out personal information," explains Kimberly Requin of Personal Cash Advance. "We've seen increases of this sort for the past few quarters, so it's fair to say that the older adults will utilize these services - along with other financial services - at an increasing rate as time goes on."

The report also indicates that while an increase of 45+ consumers is evident, the same does not hold true for consumers over the age of 65; this age bracket only accounted for 4% of business during the previous year.

News Source

24-7 Press Release, Staff Writer

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