London residents top list of pandemic payday loan applications, new industry data reveals


London residents top the list of payday loan applicants during the pandemic, new industry data has revealed.

Little-Loans.com’s customer trend analysis found that residents of Greater London made the most requests for short-term loans this year among all parts of the UK.

Almost 150,000 applications for short-term loans have been lodged by residents of London this year.

The average amount of short-term loans requested by residents of London was £ 1,532.

Analysis of customer trends highlighted the regions that requested the most short-term loans, with Greater London, the West Midlands and the North West leading the regional rankings of applicants.

Analysis of customer trends also revealed which industries applicants work in, with hotel and restaurant staff making the most applications. Given the tight restrictions placed on the hospitality industry this year and bustling hospitality industries in regions that have seen the most applications for short-term loans, it is perhaps not surprising that staff in these industries and areas need additional financial support during containment.

The restrictions due to the pandemic have also added financial constraints to employees in other industries, with workers in the construction and manufacturing industries coming in second for the highest number of payday loan applications by industry.

Surprisingly, NHS health workers came third on the table of industries that have seen staff apply for payday loans during the pandemic this year.

The data was released by Little-Loans.com, an FCA regulated credit broker, a loan comparison website that allows users to compare small loans from over 40 lenders to get the lowest possible APR. . The data has been released to highlight areas in the UK that have requested the shortest term financial support during the pandemic.

Commenting on the data, a spokesperson for Little-Loans.com said:

“It is interesting to see that residents of London requested the shortest term loans during the pandemic, followed by the West Midlands and the North West. With major cities in these regions, including London, Manchester and Birmingham all having vibrant hospitality and nightlife industries, and these industries heavily impacted by strict lockdown restrictions during the pandemic, it may not be. Not surprisingly, the personnel employed by these industries in these locations needed additional financial support during the pandemic. “

“Our website allows clients to search for short term loans from a wide range of lenders in order to get the best APR based on their personal circumstances. The average loan amount for clients this year was £ 1,531. Short-term loans allow customers with poor credit scores to quickly access small amounts of money, for things like household emergencies, such as boiler repairs or car breakdowns. They should not be used for unnecessary expenses, such as vacation shopping. ”



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