VanCity          Insights West

 

 

JUNE 23, 2014

The poll, conducted by Insights West for Vancity, was carried out May 30 – June 15, 2014. Participation: 882 respondents from the Lower Mainland and Greater Vancouver, which includes an over sample of payday loan users.

Payday loan users

Payday loan users represent 3% of the adult population in Lower Mainland/Fraser Valley (more than 50,000 individuals) which, when projected to the British Columbia population, accounts for over 100,000 British Columbians.

Many payday loan users are caught in a cycle of debt and take out payday loans frequently
•    15% more than once a month
•    19% about once a month
•    32% a few times per year
•    12% twice per year
•    22% once per year

Reasons for using a payday loan
•    38% had an unforeseen expense
•    37% got behind on bills
•    22% had a debt that was due
•    20% had a period of un/under-employment
•    18% had a car repair or household expense
•    4% lend money to a friend in need
•    18% other

Payday loan users would consider a short term, same day loan from a credit union if they had an unexpected expense of $500
•    43% strongly agree
•    14% somewhat agree

Payday loan users would consider a short term, same day loan from a credit union if they had an unexpected expense of $5,000
•    42% strongly agree
•    18% somewhat agree

Non-payday loan users

Financial challenges
•    37% carried a balance forward on their credit card
•    22% got behind on bills
•    23% had to borrow money for an unforeseen expense

Additional available information:

Payday Loan Press Release Charts
Insights West Vancity Summary Data Tables
Insights West Vancity Detailed Data Tables