Payday loan applications fell 52% in UK’s first foreclosure, Cashfloat report says

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LONDON–(COMMERCIAL THREAD) – Cashfloat.co.uk, a London-based payday loan provider, released a report titled ‘Who Borrowed Payday Loans During The Coronavirus Pandemic’, which analyzes payday loan applications received during the first part of the coronavirus pandemic.

He revealed that payday loan applications fell 52% during Britain’s first foreclosure. Payday loan applications remained low until May 10 – when those who couldn’t work from home returned to work and returned to normal after the lockdown ended. The data also shows the volume of payday loan applications for Britain’s second foreclosure. Interestingly, there was no significant change in payday loan applications during the second foreclosure like there was during the first foreclosure.

The full report is available for download from the Cashfloat website here.

Cashfloat spokesperson Sarah Connelly commented:

“It was very interesting to see that the volume of applications only went down during the first lockdown, not the second. Could this suggest that there was a difference in the level of financial assistance provided during the lockdowns? two locks? Or was the second lock not as bad as the first? ”

Data for the report was collected by Cashfloat.fr and its affiliate websites. It analyzes data collected from just under a quarter of a million payday loan applications received over 12 months between March 1, 2020 and February 28, 2021. All data in the report is unique data. collected from Cashfloat’s extensive salary database. loan requests.

The report contains an analysis of:

  • How does the volume of requests for payday loans changed during the pandemic

  • The age of the candidates who applied

  • The sex of loan applicants

  • The relational status of candidates

  • Place of residence of applicants

  • What jobs and salaries they had

  • What amounts and types of loans they applied for

For exclusive statistics or personalized reports you can email the Cashfloat team at newsroom@cashfloat.co.uk.

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About Cashfloat

Cashfloat is an FCA approved direct lender that offers payday loans, personal loans, and installment loans through its popular website Cashfloat.co.uk. Since its launch in 2014, it has grown into one of the leading payday loan brands, recognized and trusted by thousands of UK consumers across the UK.

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