Cash Advances in Canada - Profile of Borrowers

Cash Advances in Canada are booming. In fact, the question How can I get quick cash?" is often heard uttered by Canadians now. You probably think that Canadian quick cash borrowers fit the typical profile - heavily in debt and generally unaware of their finances. Well, a recent survey in Canada reveals that this is not true at all.

Cash Advances in Canada - Borrower Traits

As part of efforts to understand the growing cash advance industry, a survey was conducted to know who the typical quick cash borrower is. To many's surprise, the Canadian cash advance borrowers are not broke or uneducated at all. In fact, the average income of one who makes use of cash advance services is about $41,500. Further, 35 percent of those surveyed who use such services had incomes of over $50,000! Not bad eh? That's not all.

The average Canadian quick cash customer has a post-secondary education, is employed full time and has access to banking privileges (e.g., a line of credit). As far as age groups are concerned, 18- to 29-year old Canadians are more likely to avail of cash advance services than those aged 50 years old and above.

So why do Canadians avail of quick cash? They find it more convenient. For financial emergencies, the general thought is that a quick cash lender is a better option than getting a title loan or approaching pawnshops. The fact one can avail cash advances online is great come on as well because one does not need to go back and forth to the lender's offices.