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NHS Staff Among Top 3 Employees Applying for Payday Loans During Pandemic, New Industry Data Reveals

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, (2021, August 17). NHS Staff Among Top 3 Employees Applying for Payday Loans During Pandemic, New Industry Data Reveals. Psychreg on Lifestyle. https://www.psychreg.org/nhs-staff-payday-loans/
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Staff in the healthcare industry are amongst the top three industries that applied for payday loans during the pandemic, new industry data has revealed.

A customer trends analysis from LittleLoans has revealed that staff working for the NHS and the healthcare industry have made the third most applications for short-term loans this year.

Applications for short term loans from staff from the healthcare industry, such as nurses, porters, and cleaners, have been the third highest out of all the professions.

Nearly 200,000 applications for short term loans have been made by staff in this sector this year (196,885). 

The average short-term loan amount borrowed by staff in this sector was £1,532.

The industry data sheds further light on the disappointment expressed by NHS staff over the recent suggestion of a 3% pay rise, following the reports of NHS staff being under immense pressure throughout the pandemic. 

Staff from the hospitality and leisure sector topped the list of industries with employees who made payday loans applications. The hospitality and leisure sector has faced significant disruption throughout the pandemic, with many bars, restaurants and hotels forced to close due to tight restrictions during lockdown

The restrictions due to the pandemic have also added financial strain to employees of other industries, with staff in the construction and manufacturing industries coming in second for the highest number of applications for payday loans per industry.

The data has been released by FCA-regulated credit broker Little-Loans.com, a loans comparison website that allows users to compare small loans from over 40 lenders to secure the lowest APR possible. The data has been released to highlight which professions have been hardest hit financially in the pandemic. 

Commenting on the data, a spokesperson for LittleLoans said: ‘It’s surprising to see so many applications from workers within the NHS. This highlights the real need for everyday people to have quick access to short term cash.’

‘Our website allows customers to search for short term loans from a large panel of lenders in order to get the best APR based on their personal circumstances. The average loan amount for customers this year has been £1531. Short term loans allow customers with poor credit scores to gain access to small sums of cash quickly, for things like household emergencies, such as boiler repairs, or car breakdowns. They should not be used for unnecessary or non-essential spending, such as holiday purchases.’


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