Payday Power Release Latest Application Statistics

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Popular payday loan broker Payday Power has released its latest application statistics, including demographic data.

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As a broker it is vital that we continue to improve and offer consumers exactly what they’re looking for.

The very latest statistics form leading payday loan broker Payday Power have been announced, with some eye-catching results. Customer data found that 90% of applicants were aged between 20 and 40, whilst 56% of applicants were female, compared with 44% male.

From feedback received, the short term loan company found that 95% of customers were ‘very happy’ with the speed and quality of the service they received. 7 out of every 10 successful applicants received their money within an hour, whilst 85% had funds transferred on the same day. It was also found that the average borrower only applies ‘once or twice’ a year, which suggests that most customers don’t become dependent on loans as a long term solution.

In the world of finance, it’s essential that lenders understand their customers. This is why collecting statistical data on demographics can be absolutely vital. These latest figures from Payday Power provide an intriguing insight; not just into the kind of people that are applying, but also the level of service they received – both from the broker and lender.

Discussing the latest figures, Simon from Payday Power said “It’s always interesting to find out who is borrowing and, more importantly, what they think about the service we provide. As a broker it is vital that we continue to improve and offer consumers exactly what they’re looking for. Fortunately, with 95 percent very happy with the current service, it appears we’re certainly moving in the right direction.”

“There are always areas that we can improve, for instance 90% of customers received the advertised interest rate” Simon continued. “Along with general levels of satisfaction and speed, this is certainly something we can build on. We attract a good spread of applications, as the demographic statistics suggest and hopefully this will continue to grow and develop in future years.”

About Payday Power

Founded in 2008, Payday Power is a leading broker of online payday loans. Part of the Reset Finance group, they enjoy the backing of a number of major lenders to help get the best deal for customers. Payday Power offer payday loans of up to £1,250 at a typical APR of 1,737% - equating to around £25 per £100 borrowed or 25% of the total amount – and are committed to responsible lending.


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Samantha Stratton
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