Advance America and Payday Lending: Who Borrows and Why
Advance America and
Payday Lending: Who Borrows and Why
Jamie Fulmer
October 18, 2012
About Advance America
? Founded in 1997 ? Leading non-bank provider of consumer financial
services in the U.S., including cash advances ? Approximately 2,400 centers in 29 states
2
What is a Payday Advance?
A payday advance is an unsecured loan that allows consumers to cover relatively small, unplanned or periodic expenses. It involves a one-time fixed fee and must be paid
back within a short time period, typically two weeks.
3
Financial Fragility
? Forty percent of Americans live paycheck to paycheck (Consumer Federation of America, 2012)
? Fewer than 1/3 feel financially comfortable (Consumer Federation of America, 2012)
? Almost half of all households, including a sizeable portion of the middle-class, reported they could "probably not" or "certainly not" come up with $2,000 in 30 days (National Bureau of Economic Research, 2011)
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Who Borrows?
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