Women with Children May Be More Likely To Get a Payday Loan

Studies have show at both state and national levels that women in general get more payday loans than men do. Now some think that out of all the women who get payday loans, that women who have children are the most likely to seek out a payday loan. Do they have it the most difficult financially? What is it that makes mothers use payday loans more than others?

The Pew Charitable Trust report that was released this year said that women use payday loans more than men. Specifically they are talking about women between the ages of twenty five and forty four. These are the most common ages for women to have children in their life. Not all women of these ages have children in their life, and there are women of other ages that have children in their financial life still. This is just the average.

Mother holds Child

Someone who does not have a child and wants a new pair of shoes can put off making the purchase should they need to. A mother who has a child that has yet again grown out of their shoes cannot always put off making that purchase until they get paid again; if their child needs shoes then they need to buy their child shoes. This is one example for an example of why a mother would need the help that a payday loan can offer over a woman who has no child.

Statistics say that single mothers are five times more likely to live in poverty than married women. The second income helps, after all children are expensive and they have needs that cannot go unanswered. This is yet another reason why a mother, or a single mother, would need to seek a payday loan.

Divorce is expensive and the mother is usually awarded custody of the children. This means they have to feed the child more and provide more for the child. Depending on how many children there are all this can add up very quickly. Single mothers know that when it comes down to it if they need help they can turn to a payday lender and get what it is that they need for their child or children.

There are so many reasons why women with children are more likely to get a payday loan than women without children that we could contemplate on it all day. It is most likely not one reason but rather a group of reasons that lead to this. It does not matter why a mother needs to get a payday loan, because payday lenders are always going to be there to help them.