Residents of London have topped the list of payday loan applicants during the pandemic, new industry data has revealed.
Customer trend analysis from Little-Loans.com has revealed that residents of Greater London this year have applied the most for short-term loans from all regions of the UK.
Nearly 150,000 short-term loan applications have been made by Londoners this year.
The average short-term loan applied for by Londoners was £ 1,532.
The customer trend analysis has highlighted the regions that applied for the most short-term loans, with Greater London, West Midlands and North West topping the regional candidate lists.
The customer trend analysis also revealed which industries applicants work in, where staff from the hospitality and restaurant industry made the most applications. Given the tight restrictions on the hospitality industry in the lockdown this year and the busy hospitality industries in the regions that saw the most applications for short-term loans, it may not come as a surprise that staff in these industries and areas may need additional financial support during closure.
The restrictions due to the pandemic have also increased financial burdens for employees in other industries, where personnel in the construction and manufacturing industry come in second place for the highest number of wage loan applications per year. Business.
Shockingly, NHS health workers came in third on the list of industries that saw staff apply for loans during the pandemic this year.
The data has been released by FCA-regulated credit broker Little-Loans.com, a loan comparison site that allows users to compare small loans from over 40 lenders to ensure the lowest possible APR. The data have been released to highlight which regions of the UK have applied for the most short-term financial support during the pandemic.
In a comment on the data, a spokesman for Little-Loans.com said:
“It is interesting to see that residents of London applied for the most short-term loans during the pandemic, followed by the West Midlands and North West. With top cities in these regions, including London, Manchester and Birmingham, all of which have busy hospitality and nightlife industries, and these industries are heavily affected by tight lockdown restrictions during the pandemic, it should come as no surprise that staff who are employed in these industries in these places have needed additional financial support during the pandemic. ”
“Our website allows customers to search for short-term loans from a large panel of lenders to get the best APR based on their personal circumstances. The average loan amount for customers this year has been £ 1531. Short-term loans allow customers with bad credit results to quickly access small amounts of money, e.g. In case of household situations, such as repairing boilers or car breakdowns. They should not be used for unnecessary expenses, e.g. Holiday purchases. ”