online cash advance
Demographics of Personal Money Store's Online cash advance Customers
If you don’t already know that American news media is first and foremost an entertainment medium, allow me to be the one to break it to you. Sensationalism sells better than the truth. Biased story selection and reporting slant are inescapable, particularly when you consider the influence of corporate sponsorships. Since Wall Street and the American banking industry are monolithic entities, their money makes a big difference in what the public hears about the economy and the shenanigans that really led to the country’s economic collapse.
They Don’t Want You to Know that Online cash advances are Useful
So they create smear campaigns that accuse the payday lending industry of preying upon vulnerable segments of society, such as the poor and the elderly. However, many studies of the industry have proven this claim to be false. Looking at applicant demographics for Personal Money Store from June 1, 2009 to October 20, 2009, we see a different picture. Our online cash advance customers are not disadvantaged, too young or too old. They’re at a stage in life where they have financial experience and know how to spot a good deal when options are few.
The Numbers Tell the Story
Consider all customers who applied for an online cash advance on Personal Money Store (accepted or denied), here are some facts to ponder:
• Average age: 35. These are people who have some experience dealing with the financial shocks life can throw your way. As industry studies tend to show that many online cash advance customers have young families, it may be safe to say that Personal Money Store’s average applicant is in a position where they need to be careful with the way they handle their finances.
• Average income: $31,690. That’s hardly poverty level, and that’s just for the individual applying. If you’re talking about 35-year-olds who are just beginning to come into their own career-wise, then you have someone who hasn’t reached their maximum earning potential yet. Perhaps their access to certain forms of credit has been limited due to a relative scarcity of liquid assets. This makes online cash advances a more easily attainable option in an emergency.
• Average length of employment: 6 years. That’s an indication that the person is dependable, rather than transitory and risky. They’ve been trusted to do their job, which payday lenders definitely take into account.
• Average time at current address: 3 years. Again, this could be seen as a stability indicator. Constant relocation tends to walk hand-in-hand with fluctuating types of employment held and income levels. If a online cash advance applicant is entrenched, perhaps they are less of a risk.
• Home ownership: 34 percent. While hardly a majority, this statistic is still significant. More than a third of Personal Money Store’s online cash advance customers own their own home. That goes along with steady income and personal responsibility, as they have to make a monthly mortgage payment.
• Average time spent on application form: 4 minutes, 44 seconds. This tells us at least two things. First and foremost, it’s proof that it doesn’t take all that long to apply for an online cash advance. The application asks for standard information to establish a person’s employment, checking account existence, age and identity. It’s easy to complete. What this number might also tell us is that our customers aren’t rushing into the process too quickly; they’re being careful and carefully considering what the application requests.
• Percent of customers who apply for installment plans: 27.76 percent. This addresses another area where media and banking industry critics have it wrong. They claim that online cash advances are a certain path toward an endless cycle of debt. Used improperly, they can cause harm. But so can Cheese Whiz. If a responsible customer (most people are responsible in this world, I find) needs to extend their repayment schedule due to unforeseen financial occurrence, installment plans are usually available.
• Percent of returning visitors out of all traffic: 4.64 percent. We hope you enjoy our site; let’s grow this number!
• Percent of applicants who are return visitors: 7.36 percent. We hope you enjoy our site; let’s grow this number! However, keep in mind that this stat also indicates that people who apply for online cash advances at Personal Money Store aren’t being “roped in,” as if against their will, to that media-blustered endless cycle of debt.
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