HCSTC Loan Applications Dropped 52% During the First UK Lockdown, According to a Cashfloat Report

- by Sarah Connelly
Payday Loan Applications Dropped 52% During the First UK Lockdown, According to a Cashfloat Report

New Report titled ‘Who Needed Payday Loans During the Coronavirus’ Pandemic’ looks at who was affected most financially by the COVID-19 crisis. Read the full report at on Cashfloat.co.uk at http://cshf.lt/report.

LONDON–(BUSINESS WIRE)–Cashfloat.co.uk, a London-based pay day loan provider, has published a report titled ‘Who Borrowed Payday Loans During the Coronavirus Pandemic’, which analyses payday loan applications received during the first part of the coronavirus pandemic.

It found that payday loan applications dropped 52% during the first UK lockdown. Payday loan applications remained low until the 10th of May – when those who couldn’t work from home went back to work and returned to normal once the lockdown ended. The data also shows the volume of payday loan applications for the second UK lockdown. Interestingly, there wasn’t a significant change in payday loan applications during the second lockdown as there was during the first lockdown.

The full report is available for download on Cashfloat’s website here.

A spokesperson for Cashfloat, Sarah Connelly, commented:

It was very interesting to see that the volume of applications only dropped during the first lockdown, and not the second. Could this suggest there was difference in the level of financial help provided during the two lockdowns? Or was the second lockdown not as serious as the first?

The data in the report was collected through Cashfloat.co.uk and its affiliate websites. It analyses data captured from just under a quarter of a million payday loan applications received over 12 months between the 1st of March 2020 and the 28th of February 2021. All of the data contained in the report is unique data collected from Cashfloat’s expansive database of payday loan applications.

The report contains an analysis of:

  • How the volume of applications for direct lender payday loans changed during the course of the pandemic
  • The age of applicants who applied
  • The gender of loan applicants
  • The relationship status of the applicants
  • Where the applicants lived
  • Which jobs and salaries they had
  • What loan amounts and loan types they applied for

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

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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 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. 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.

*Money will funded to your bank within 1 hour of approval - Mon-Fri during working hours.

Representative example: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74% Our APR includes all applicable fees. Daily interest is capped at 0.793%.

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