Time: Meet the New Payday Loan Customer – Middle-Class, Well-Educated
October 2, 2013
Fringe financial services like check cashing storefronts, pawn shops and payday lenders carry plenty of stereotypes. Namely that their patrons are not well off and likely made up of the working poor who may not have college educations. That stereotype may be breaking in the wake of the 2009 financial crisis and the recession that followed. Increasingly, consumers going outside mainstream banking look a lot more like, well, the American middle class. Read more here.