 The
average payday loan is about $350.
The
average military installment loan is about $1,654.
Payday
lending is a $40B a year industry.
Internet
payday lending brings in about $500M in earnings.
Approximately
5 to 17 percent of military personnel have used a military loan
(according to differing studies).
Borrowers
use an average of 4.6 loans per year.
Loans
are rolled over an average of two times per year.
Military
members are twice as likely as the civilian population to use a
payday loan.
75
percent of payday loan customers are unable to repay their loan in
the allotted time, forcing the loan to be rolled over.
90
percent of payday loan industry growth comes from making larger
loans to the same customers.
Rent-to-own
lending earned the industry $6.6 billion in revenue in 2005.
In
2005, military relief societies loaned a total of $87,332,758 in
100,808 cases for an average of $866 per case.
Army
Emergency Relief for 2005 reported the following reasons for
military loan assistance: travel - 21%; rent - 19%; automobiles -
18%; food - 12%; utilities - 9%.
In
2005, the US Navy revoked almost 2,000 security clearances due to
financial reasons. |
