With all the controversy surrounding Lending Club at the moment, the subject of payday lending has become a leading topic of conversation across the industry.
But in all the talk about payday lending companies, the borrower, who makes up the other side of the equation, is sometimes forgotten. That’s why PYMNTS spoke with Pew this week to get some more information on what an average payday loan customer looks like — and what problems exist in the industry.
To dig into a few of those figures, today’s 5-in-1 Daily Data Dive breaks down a few key numbers:
$30,000 | The minimum salary required of a payday borrower.
$375 | The average size of a payday loan, which is typically due back in two weeks in full.
$430 | How much would typically be due back from that $375 loan, which includes a $55 fee.
$15 | The average hourly wage needed to qualify for a payday loan.
7 out of 10 | The amount of cases in which a payday borrower is typically using a loan to pay a bill.