New findings: teenage boys will be the biggest users of pay day loans

New findings: teenage boys will be the biggest users of pay day loans

New figures show, that 63 percent of pay day loans among young adults amongst the ages of 18 and 29 are applied for by guys – and in accordance with personal economist in Danske Bank, Louise AggerstrГёm Hansen, which can be the start of a downward spiral that is financial.

That is one of many reasons why confidence that is financial for the cornerstones within the bank’s societal impact strategy.

At Danske Bank, Emil Toft Hansen from Copenhagen University happens to be composing their company PhD thesis on financing habits of residents residing in Denmark. Regarding the this, he’s charted loan that is payday among around 20,000 Danske Bank clients. Their findings reveal that 40% of all of the payday advances are taken out by young adults involving the many years of 18 and 29, plus in two away from three instances the borrower that is young a guy.

In accordance with Louise AggerstrГёm, personal economist at Danske Bank, the reality that a lot of young adults are taking out fully high-interest payday advances is a challenge:

“Taking out a quick payday loan – plus in specific taking right out a few payday advances – can be the start of a downward monetary spiral. Also if it is just a case of modest loans applied for to fund video gaming, a brand new cell phone, per night out or comparable, it is possible for you to definitely wind up trying to repay considerably more as the rate of installment loans in West Virginia direct lenders interest is high. Continue reading “New findings: teenage boys will be the biggest users of pay day loans”