This cannot be good news for lenders or servicers: The majority of Americans do not have adequate funds saved for that proverbial rainy day, according to a new national survey by online lender CashNetUSA.com.
The new survey finds 23% of Americans have less than $100 in savings to cover an emergency expense if it happened today, while 46% report having less than $800 ready. If individuals have no savings and face a short-term emergency, 41% would likely turn to a family member for a loan, while three out of 10 said they would not or probably would not ask for family assistance.
‘Too many Americans are facing a cash crisis, unprepared financially to handle life's unexpected emergencies, and family can only help so much,’ says Keith Weinberger, senior director of marketing and new initiatives for CashNetUSA.com. ‘Accessible and quick loans are the only alternative to many who don't have access to other credit.’
The CashNetUSA.com survey was conducted online in February by TNS Omnibus among a nationally representative sample of 1,000 Americans.