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

LONDON--(BUSINESS WIRE)--Cashfloat.co.uk, a London-based payday 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 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 [e-mail].

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About Cashfloat

Cashfloat is an FCA authorised direct lender that offers payday loans, personal loans and instalment loans via its popular website Cashfloat.co.uk. Since launching in 2014, it has developed into one of the leading payday loan brands, recognised and trusted by thousands of UK consumers across the UK.