When asked that they wouldn’t have enough cash on hand if they’d be able to cover a $400 emergency expense, Neal Gabler’s recent Atlantic cover story noted, nearly half of all respondents to a 2014 Federal Reserve study said.
Just how would they scrape the income together? Most told the Fed they would decide to try for a financial loan, make use of a bank card, or make a request that is potentially embarrassing relatives and buddies. Two percent of respondents stated they might simply take a payday loan out.
Some borrowers are asking strangers for money on Reddit instead to avoid this suite of unattractive choices.
Since 2011, a portion of the site, r/borrow (and its own predecessor, r/loans), has matched users in search of fast credit with loan providers ready to set up cash.