Cash Advance/Payday Loans on the Rise during COVID-19 Crises
To determine statistical data regarding the cause for demand for cash advance/payday loans due to the COVID-19 pandemic .
As we began our research of payday loans/cash advances since COVID-19, we found insight about statistics regarding the demand for immediate cash loan services. Information included involves a preliminary view of the total cases of the virus in the U.S. Here are some key points of information found:
General Data Challenges
The increasing number of unemployeed individuals in the U.S. is growing during the COVID-19 crises, and will continue to rise as data is updated. Tactics for finding data related to the demand for cash advance/payday loans include searching databases related to company growth over shorrter periods.
Proposed next steps:
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Thorough dive into specific statistical data related to the COVID-19 spread in the U.S. and its impact on unemployment rates.
1) Unemployement spread over the last 3-months to indicate growth during
2)What lagging economic indicators tell companies.
Develop statistical data illustrating increase in cash advances/payday loans, average amount of loans secured, length of time to pay, and percentage rates.