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A Closer Look at Payday Loan Borrowers
Posted on August 6th, 2009 No commentsPayday loan borrowers aren’t ignorant, writes Milwaukee Journal Sentinel columnist Patrick McIlheran.
“These are not sheep for the fleecing. By definition, you need a paycheck and a checking account to get a payday loan, so these aren’t the unbanked. They’re less likely to be high-school dropouts (but also less likely to be college grads) than Americans on the whole. Typically, they’re young families with kids, cars and apartments, earning $30,000 to $40,000 a year. Half have credit cards.” Read the column and McIlheran’s blog post, “Payday borrowers: They’re gosh-darn Republicans!”
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