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Economic News Reports

London Sees 14% Increase In Applications For High Cost Short Term Credit

The bright lights of London are attractive to many, but the cost of living in the capital continues to increase, making it more difficult for many to make ends meet. According to an ongoing monthly report compiled by award winning credit broker Cash Lady, there was a 14% increase in applications for high cost, short-term credit between April and May of this year.

London Sees 14% Increase In Applications For High Cost Short Term Credit
Photo Credit - https://unsplash.com/photos/EXdXLrZXS9Q

Looking at the numbers in more detail, in May there were 1148 applications sent to Cash Lady, a rise of 14.46% from the 982 requested in April. The main reason listed for the loans was for an unexpected expense, which could be anything from repairing a car to fixing a leaky roof. With more people being forced to find work in the gig economy, it suggests an increase in the amount of workers living cheque-to-cheque who may find it hard to cope if an unplanned bill needs to be paid.

The average monthly income of applicants was £1727.07, a slight increase of 1.12% from April’s £1707.73. This is much lower than the average salary in London, which currently stands at £35,488, although this is a largely distorted figure as it incorporates salaries from the finance sector and other high-paying industries.

Either way, this sits at the lower end of earners in London, which further cements the suggestion that many loan applicants are employed in low-paid jobs. When you look at the top employers of those seeking high-cost, short-term credit, it is noticeable that Sainsbury’s and Tesco hold the first two slots, while the NHS are the third.

While these employers do meet minimum wage requirements, even full-time staff in London will find there isn’t much left over each month after all their bills have been paid.

Also worth noting is the second highest reason for the loan request was to pay bills. This means covering monthly outgoings such as electric, gas and council tax charges. While there are no age statistics provided in the data, the reason could be there are more younger, low-paid workers looking for payday loans to cover their costs.

According to the Institute for Fiscal Studies, as many as 40% of the poorest fifth of households find themselves in some form of credit arrears, or spend over a third of their wages serving their debt.

The average loan amount requested by applicants was £377, which remains unchanged from the previous month. While this may not seem excessively high, when looking at the average monthly income of those requesting a loan, it accounts for 21.82% of their monthly salary. It underlines how much of an impact an unexpected expense can have on the lives of low paid workers, and the difficulties they may face in paying it back.

When you factor in the ever increasing costs involved in renting a property in capital, it’s easy to see why more people are turning towards loans. According to a report earlier this year, which compared the cost of living in 279 cities around the world, London is the most expensive in Europe and the fourth most expensive in the world behind Hong Kong, New York and Tokyo.



YouTube Business News Playlists

IMF Video: Good Governance in Sub-Saharan Africa: Opportunities and Lessons


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Published: 19th May 2022 04:36:41   By: IMF

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Published: 19th May 2022 11:35:34   By: IMF

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Published: 4th May 2022 11:00:22   By: IMF

IMF Video: آفاق الاقتصاد الإقليمي: الشرق الأوسط وشمال إفريقيا، إبريل/نيسان 2022


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Published: 4th May 2022 10:00:31   By: IMF

Davos Video: United States Economic Outlook | Davos | #WEF22


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Over the past year, parts of the United States economy have bounced back rapidly, but there have also been numerous challenges, including supply chain disruptions, a surge in inflation and a difficult policy-making environment. What actions and policies are needed to deliver sustained and equitable growth in an uncertain landscape? This session was developed in partnership with The New York Times. The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/  Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos #WorldEconomicForum

Published: 23rd May 2022 05:18:28   By: World Economic Forum

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Published: 23rd May 2022 04:19:41   By: World Economic Forum

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Published: 23rd May 2022 04:00:06   By: World Economic Forum

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Published: 23rd May 2022 03:30:03   By: World Economic Forum

Davos Video: Special Address by Tamim Bin Hamad Al Thani, Amir of the State of Qatar | Davos | #WEF22


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Published: 23rd May 2022 01:31:14   By: World Economic Forum

Economic Video: S&P 500 ends lower as recession fears rise


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The S&P 500 ended lower after a volatile session. Cisco Systems shared slumped after giving a dismal outlook, while investors fretted about inflation and rising interest rates. #S&P #Inflation #Interestrates #Dow #Nasdaq #News #Reuters Subscribe: http://smarturl.it/reuterssubscribe Reuters brings you the latest business, finance and breaking news video from around the globe. Our reputation for accuracy and impartiality is unparalleled. Get the latest news on: http://reuters.com/ Follow Reuters on Facebook: https://www.facebook.com/Reuters Follow Reuters on Twitter: https://twitter.com/Reuters Follow Reuters on Instagram: https://www.instagram.com/reuters/?hl=en

Published: 19th May 2022 11:28:28   By: Reuters

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Published: 23rd May 2022 03:50:59   By: CNBC International TV

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#Biden #tariffs #Biden Bharat Ramamurti, deputy director of the National Economic Council, joins Yahoo Finance Live anchors Seana Smith, David Briggs and Rachelle Akuffo to discuss the Biden administration's approach towards U.S.-China relations, the ongoing supply chain crisis, the labor shortage, inflation, and current baby formula shortage. Don't Miss: Valley of Hype: The Culture That Built Elizabeth Holmes WATCH HERE: https://youtu.be/Sb179GLPNYE Watch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube: https://youtu.be/gx-OzwHpM9k Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more. To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBp Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz Follow Cashay.com Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV

Published: 20th May 2022 08:21:52   By: Yahoo Finance

Economic Video: Video game workers create first union at big U.S. game maker


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Video game workers at a division of game publisher Activision Blizzard have voted to unionize, creating the first labor union at a large U.S. video game company.

Published: 23rd May 2022 11:21:14   By: Channel 3000 / News 3 Now

Economic Video: VMware analyst details 3 things weighing on the stock


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Published: 23rd May 2022 04:57:33   By: Yahoo Finance

Business Video: Global economy is ‘out of balance’ says World Economic Forum Founder


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Published: 24th May 2022 12:16:45   By: CNN

Business Video: See Russian merchant ship's journey across Mediterranean with stolen grain


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Published: 19th May 2022 12:59:39   By: CNN

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Published: 18th May 2022 05:08:26   By: CNN

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Published: 18th May 2022 03:07:28   By: CNN

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Published: 23rd May 2022 08:51:06   By: Bloomberg Markets and Finance

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Published: 23rd May 2022 01:29:52   By: Bloomberg Markets and Finance

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Published: 23rd May 2022 01:51:54   By: Bloomberg Markets and Finance

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