According to the Pew Charitable Trust report women use payday loans more than men use them. Why is this? There are many reasons that can contribute to women using these loans more than men do. Here are some of those reasons.
One theory about why women use these loans more is that they earn less than men do per hour. Not making as much as a man can cause more financial need for these payday loans for women. Some say that the glass ceiling is keeping them from reaching the financial stability they are looking for meaning they need more help from time to time.
Another reason may be that women are just not as stubborn as men in regards to asking for help. A typical man will not stop to ask for directions, they just keep driving in hopes of finding where they are going. A woman will recognize the need to stop to ask for directions, and do it. The same is true for payday lending, they recognize when they need some help and they go get the help that they need.
Women enjoy celebrating an achievement. Often time this celebration means buying something for ourselves that makes us feel as happy as the achievement does. It is times like this that cause some women to turn to payday lenders to help make that purchase. Or they get the loan to go out to celebrate and not to buy an item.
Women invest their money less than men do. There is a chance when you invest your money that you will see returns on it. Men know this and count on it so then they do not need as many payday loans. If women want to get these returns too, they need to learn how to invest their money wisely. Until they do that there will be payday loans to help them when they need it and cannot make it to their next paycheck.
Studies have shown that when it comes to running household finances more do it than men do. This could be another reason why more women seek out payday loans than men do. If they are the ones who are in charge of the household finances it will more likely than not be the woman who goes to get the payday loan.
There are so very many reasons why more women seek out payday loan more than men do. It could be one reason or a combination of reasons. It does not matter much what the reason is why more women need payday loans than men. No matter what the reason payday lenders whether online or in a storefront location will be there for the women who need them.
Latest posts by Charlie (see all)
- The Facts about Payday Loans the CFPB would rather you did not know about - November 1, 2016
- The CFPB is a top concern with Elections Right around the Corner - October 24, 2016
- Revamped Payday Loan Regulations under review - October 14, 2016