Covering Emergency Expenses: Friend and Family to the Rescue?

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Everybody borrows payday loans for different reasons. While some rely on short-term loans to avoid late fees, others turn to online lenders to help cover an assortment of emergency expenses. But according to a QuickQuid customer survey, the number one reason as to why people are choosing payday loans over other options is overwhelming. The survey, conducted in January 2012, revealed that 33.93 percent of QuickQuid customers chose a payday loan to avoid borrowing from friends or family. Another 28.57 percent of customers believe it’s faster than taking out a bank loan.

“[QuickQuid] helped me at the last minute when I needed money fast that I couldn’t get sooner by other means,” Tim, a QuickQuid customer, said.

Avoiding asking family or friends for financial help is more common than one might think. The fact is that money changes the dynamic of all relationships. Those who borrow money should be inclined to keep their word of paying it back. If a best friend or aunt is kind enough to lend money, there’s a moral obligation to make good on that promise. Not doing so can severely damage a relationship or even destroy it.

But what exactly are these borrowers using their payday loans for? The same QuickQuid customer survey showed that 23.6 percent of customers used their last payday loan for an emergency expense, followed by 13.48 percent to avoid unauthorised bank overdraft charges. Paying for overdue bills and car repairs rounded out the top four uses at 10.11 and 8.99 percent, respectively.

“I was very busy during one week and was falling short to sort out a few bills,” Phillipa, a QuickQuid customer, said. “My wages were not enough that week and I was able to get a loan [at QuickQuid] and then outline everything clearly.”

Data and comments based on January 2012 QuickQuid customer survey

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