This statistic shows the reasons for and the consequences of taking out a payday loan, as reported by respondents in a survey of adults in Great Britain in 2013. Of the 94 respondents that had taken out such a loan, 48 said that they regret taking out a payday loan and 35 percent said that taking out a payday loan would make it harder to pay other bills next month.
Those who have taken out a payday loan in the past six months, which of the following apply to you?
Characteristic
Respondents
I took out a payday loan because I couldn't get credit anywhere else
53%
I regret taking out my payday loan
48%
Overall my payday loan has made my financial situation worse
42%
I took out a payday loan because it was easier than applying for credit elsewhere
39%
Taking out a payday loan will make it harder for me to pay other bills next month
35%
I took out a payday loan but couldn't pay it off, so had to get another one
27%
I took out a payday loan but had to use my bank overdraft to make a payment on my payday loan
17%
Overall my payday loan has had a positive impact on my finances
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R3. (July 1, 2013). Those who have taken out a payday loan in the past six months, which of the following apply to you? [Graph]. In Statista. Retrieved August 08, 2022, from https://www.statista.com/statistics/293856/reasons-for-and-consequences-of-taking-payday-loan-great-britain/
R3. "Those who have taken out a payday loan in the past six months, which of the following apply to you?." Chart. July 1, 2013. Statista. Accessed August 08, 2022. https://www.statista.com/statistics/293856/reasons-for-and-consequences-of-taking-payday-loan-great-britain/
R3. (2013). Those who have taken out a payday loan in the past six months, which of the following apply to you?. Statista. Statista Inc.. Accessed: August 08, 2022. https://www.statista.com/statistics/293856/reasons-for-and-consequences-of-taking-payday-loan-great-britain/
R3. "Those Who Have Taken out a Payday Loan in The past Six Months, Which of The following Apply to You?." Statista, Statista Inc., 1 Jul 2013, https://www.statista.com/statistics/293856/reasons-for-and-consequences-of-taking-payday-loan-great-britain/
R3, Those who have taken out a payday loan in the past six months, which of the following apply to you? Statista, https://www.statista.com/statistics/293856/reasons-for-and-consequences-of-taking-payday-loan-great-britain/ (last visited August 08, 2022)
