LONDON--(BUSINESS WIRE)--Cashfloat.co.uk, a new generation payday loan company based in London, has discovered shocking facts about the situation of the disabled population in the UK.
Western Circle Limited, an online credit company trading as Cashfloat, found that the higher expenses of a disabled lifestyle coupled with a lower employment rate and reduced benefits, often leave disabled people struggling to afford the bare necessities.
As a responsible lender, Cashfloat get thousands of applications from people who are struggling financially. Keen to help them for more than just a short term period, Cashfloat have launched a series of investigations into payday loans and their customers, aiming to shed some light on their situation, protect the vulnerable and raise an awareness of why these people are turning to payday loans. This research led them to publish a set of 15 shocking facts about payday loan customers.
For example, based on over 200,000 recent loan applications, Cashfloat found that 18% of disabled adults have applied for payday loans, a significantly higher proportion than the 5% of non-disabled adults in the UK. This worrying statistic is made worse when one considers that disabled people tend to be more vulnerable and can feel preyed upon.
Disabled people do receive benefits, but are they enough? Last week’s Autumn Statement revealed plans to reduce the Employment Support Allowance by £30 a week, a big blow to the half a million disabled people who rely on it.
Jeremy Lloyd, a director at Cashfloat says “That is one of the most worrying things about working in the payday loan industry. So many people who apply for loans are vulnerable people who ideally have better options. As a responsible lender we work to identify and protect vulnerable people from taking expensive credit. But it’s sometimes heart breaking not to allow a loan for people in need, just because we classify them as vulnerable”
Cashfloat.co.uk is a trading style of Western Circle Limited, an FCA-fully authorised direct lender. The Cashfloat model is based on fundamentally good morals and very advanced artificial intelligence technology designed to help and protect people taking payday loans online.