Payday loan applications plummeted 52% during first UK lockdown, Cashfloat report says

LONDON–(BUSINESS WIRE)–Cashfloat.co.uk, a London-based payday loan provider, has 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.

It found that payday loan applications fell by 52% during the first UK lockdown. Payday loan applications remained low until May 10 – when those unable to work from home returned to work and back to normal once the lockdown ended. The data also shows the volume of payday loan applications for the UK’s second lockdown. Interestingly, there was no significant change in payday loan applications in the second lockdown as in the first lockdown.

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

A Cashfloat spokeswoman, Sarah Connelly, commented:

“It was very interesting to see that the volume of applications only dropped during the first lockdown, not the second. Could this suggest that there was a difference in the level of financial aid provided during the two lockdowns? Or wasn’t the second lockdown as bad as the first?”

Data for the report was collected by Cashfloat.co.uk and its affiliated websites. It analyzes data captured 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 contained in the report is unique data collected from Cashfloat’s extensive database. loan applications.

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

  • Gender of loan applicants

  • The relationship status of the candidates

  • Place of residence of applicants

  • What jobs and salaries they had

  • What are the amounts and types of loans they have applied for

For exclusive statistics or custom reports, you can email the Cashfloat team at [email protected]

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About Cashfloat

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