ATLANTA A new report attempts to shed light on who are the 51-million people who actually make up the category of the “underbanked.”
Known as the FactorTrust Underbanked Index, the recently released report is the first of what is expected to be a quarterly index mined from FactorTrust’s database.
Among the report’s findings on people who fall into the Underbanked category:
* The average loan applicant’s age is 30, while borrower ages average around 38 years old. Best performers are generally older than 30, while loan amounts trend upward until age 45.
* Underbanked consumers average two years at the same address, and more than 66% of those consumers rent. Of those renters, 90% rent condos and apartments.
* Females constitute 62% of underbanked loan applicants and account for 60% of borrowers. On the other hand, male borrowers’ loan amounts are about 5.5% higher than females’ ($559.99 as compared to $530.57).
* 33% of underbanked consumers have a bachelor’s degree level of education or higher.
