Data Analysis of over 160,000 Fresh Loan Applications Reveals That over 35,000 NHS Nurses Forced to Rely on Payday Loans.
October 27, 2016 12:00 AM Eastern Daylight Time
LONDON–(BUSINESS WIRE)–Cashfloat.co.uk, a moral payday loan company based in London, has revealed shocking statistics about the financial hardships of NHS nurses. Over 35,000 NHS nurses forced to rely on payday loans – almost double 2013’s number.
“It is deeply worrying that so many nurses and other caregivers would require our services. We hope that by releasing this data it will draw attention to the hardships being faced by these undervalued and yet essential caregivers in our communities.”
Western Circle Ltd, a short-term lending company trading as Cashfloat, analysed the data from over 160,000 payday loan applications. They discovered that those employed in the health and social care sectors are most likely to apply for payday loans. Within this section, 19% were nurses, 18% carers, and 11% were health care assistants.
The disproportionately large use of payday loans in the nursing sector is a clear sign that something is seriously wrong. The Cashfloat team pride themselves on truly caring for their customers. This prompted them to take action and publish these results, aiming to draw attention to the plight of NHS nurses. These nurses are an essential part of society, often going above and beyond to help the public. If nurses are earning so little that any unexpected expense requires a payday loan to cover it, something must be done about it.
The NHS pay rise cap had many critics when it was first introduced, and it seems that as a result, NHS nurses are struggling financially now more than ever before. Jeremy Lloyd, director at Cashfloat, says, “It is deeply worrying that so many nurses and other caregivers would require our services. We hope that by releasing this data it will draw attention to the hardships being faced by these undervalued and yet essential caregivers in our communities.”
As a responsible payday lender, Cashfloat is in a unique position to gather information and statistics about the financial state of the different sectors of society. Read the full article, including many more statistics, here.