LAS VEGAS — The demographic of the "typical" payday loan user may surprise some credit unions and could even put up a barrier to bringing an alternative to members.
At a payday lending alternative panel held at NACUSO's annual conference, several experts spoke on the expanding window of opportunity that could exist for credit unions unsure about offering an alternative product. Brad Keiser, executive vice president of electronic services at Shared Resource Technology Group said 76% of payday loan users have household incomes over $50,000, tend to be financially disciplined and value speed, convenience and privacy.
"Payday loan users are misunderstood because they don't look like you," Keiser said referring to a credit union's typical board or management team. "They're more savvy than you think."
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