PRNewswire – Cashfloat Reveals Why Poor People Pay More for Everyday Purchases

- by Sarah Connelly
Cashfloat press release about why poor people pay more.

Cashfloat reveal research about how poor people pay more for simple items.
December 21, 2016 05:00 GMT (London)

LONDON–(PRNews)— Western Circle Ltd (WCL), a London-based lending company trading as Cashfloat conducted this research as a further effort to understand their poorest customers living in the UK. Some of the startling results showed how much poor people pay due to a lack of bank accounts, cars and washing machines. Cashfloat published the findings of their research on Sunday 18 December 2016.

  • Buying a basic microwave can cost two and a half times the price of a higher quality model, in the long run.
  • Poor people pay at least 5p more on washing powder for each wash.
  • It costs 40% more to buy an orange in a local shop than in the supermarket.
  • Poor people pay enough in rent over 20 years to buy a house.

The poverty penalty caught the attention of Cashfloat’s researchers as they strive to understand the struggles and issues that payday loan customers are dealing with on a day-to-day basis.

“We did this research because we really want to help people, so we looked at what their problems are,” says Jeremy Lloyd, Director at Cashfloat. “We were a bit horrified at what we discovered. We all know that living in poverty is difficult, but the idea that saving money is too expensive is shocking!”

The research includes two in-depth case studies. Additionally, Cashfloat’s researchers conducted on-the-spot interviews in places that poor people frequent, such as the local launderettes and cash converters.

The team at Cashfloat are constantly striving to understand their customers better, so they can help UK citizens improve their financial situation in the long run.

Sites that were interested in our news:

poor people pay more yahoo finance - Cashfloat
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About The Author
Sarah Connelly
Sarah is an enthusiastic writer, blogger and an eager agent of change. After completing her degree in Computer Science in one of London’s esteemed universities, Sarah’s early career in programming left her creatively frustrated. Looked for a way to combine her creative and analytical side, Sarah’s search led her to Digital Marketing and now she writes content and code for Cashfloat. Sarah enjoys spreading awareness about common financial issues and the importance of money management. With her STEM background, Sarah believes strongly in ethical business management and consumer protection. in her free time, Sarah enjoys reading, watching movies and eating out. After all, #YOLO!
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Cashfloat is rated 4.81 stars by Reviews.co.uk based on 574 merchant reviews

4.81 / 5 Rating
574 Reviews
The money was very helpfull but what you pay back is redicolus but when you desperate you get no choice
Anonymous
Very simple process.All upfront with what you need to pay back and affordability to you, Quick response,would recommend.
Mr Brian M
Quick decision and payout.
Anonymous
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Cashfloat is a trading style of Western Circle Limited - Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479. ICO Registration Number: Z3305234


* Cashfloat terms and conditions apply. Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Cashfloat responsible lending policy. Loan limit maximum of £500 for first-time customers (£1100 for existing). In most cases, loan decisions may take up to 30 minutes during office working hours. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.


Representative example: Borrow £500 for 4 Months, 4 Monthly Repayments of £215.81. Total repayment £863.24. Interest Rate PA (fixed) 270.10%, Representative APR 997%

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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