Young workers are highly educated but earn less than others their age did in the past thus calling some to seek out payday loans. Many workers are taking a pay cut to get a job and the younger workers are jumping ship after 2 years.
These younger workers are called the "millennial"; those born between 1980 and 1995. The "millennials" earn about $39,700 a year at the upper age range and about $21,000 at the younger age range. Due to the late hiring of these younger workers, they are the first to be used for menial labor such as the laying out of merchandise or the selling of cell phones; despite their higher education.
The average employee has a bachelor's degree; this accounts for about 63% of our countries full time young professionals, 12.8% have a master's degree and 1.75% have a doctorate. Most of these workers have majored in neuroscience, bio engineering. entrepreneurial studies, sports management and Chinese. This disconnect probably accounts for the 2 year job span and the skipping around. Amazing that the young employee can jump around so much with the jobless rate at 8.3% unemployed.
Job seekers who were able to secure jobs saw their salaries slashed by 20% or more and for many, just accepted a lower pay rate. It is not just the young workers that are pulling in less money, the median annual income has dropped 4.8% to $50,964 per year from $58,508.With the exception of the 65 and older demographic, households are worse off today, than they were just three years ago.
In short, we all need extra cash whether we stay at a job for 2 years or 20 years. A cash advance or payday loan could be the logical answer when the money just isn't coming via the paycheck. A cash advance or a payday loan is a short term loan that is usually between $50 and $1000 and the repayment of this loan is with your next pay period. The fees, interests and APRs are higher on this type of loan than on a short term loan but the borrower usually ends up paying less. A cash advance or a payday loan has fewer requirements than a long term-long loan.
To obtain short term loan, the borrower will need no credit check, only has to be 18, be employed and have an active bank account.
A payday lender can help you obtain your cash advance. A payday lender can be found in-store but many use online lenders. A reliable payday lender is licensed and insured and will be in operation for more than two years. An educated reliable payday lender will fully disclose all terms, interests, fees and APRs of your loan before you sign any loan documents. In addition, a payday lender is debit insured so that the lender can debit your bank account for the full amount of the loan including all fees and interest on a pre-arranged date. If you are unable to have the full amount of the loan available on that date, the payday lender will gladly refinance for you. You will have no endless cycle of debt and we will not be gone in two years.
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