The Federal Reserve Board conducted a survey of United States families' finances.  The survey included information on whether or not the family had taken out a payday loan in the past year.  This is the first time the survey has included a collection of this type of information.  

There were several things discovered regarding American families and payday loans.  For example, the survey concluded that a very small percent of families in the United States have actually applied for and used a payday loan.  Overall, about 2.4% of families have reported taking out any kind of payday loan.

The survey also showed that younger families were more likely to use payday loans.  Approximately 4.9% of families who took out a payday loan were "headed by a person younger than age 35", while about 0% of them were "headed by a person aged 65 or older."  

One of the very interesting statistics that this survey brought to light was the main reasons for payday loans.  They concluded that families generally use payday loans for emergency situations. 

The findings stated that, "The most common reason given for choosing a payday loan for families that had taken out suck a loan was "emergencies" and similar urgent needs or a lack of other options(35.9%).  Roughly equal shares of families cited convenience in obtaining the loan (21%) or the need to pay for living expenses, including food, gas, vehicle expenses, medical payments, utility costs, or rent (20.6%).  A smaller fraction (10.8 %) of these families reported to pay other bills and loans..."The remaining 12.6 % of families with a payday loan in the past year cited other needs, including "Christmas" or the need to "help family.""

It's interesting to see that the majority of families took out payday loan did so for emergency reasons, or to just be able to get basic needs.  There are so many different reasons that payday loans are necessary.  They are a helpful and convenient way for those who need money to get it quickly.  Emergencies happen unexpectedly.  That's what emergency means!  Payday loans are there to help when necessary. 

This survey easily demonstrated that payday loans are used by a very small percentage of American families, but that it is a needed option for those in certain situations.