A Third of All Payday Loans Taken Out By Londoners
• London Most Popular for Payday Loans • Cost of Living in the Capital to Blame More than a third of all payday loans taken out in the UK are taken out by Londoners, new figures released from the UK’s leading payday loans broker, www.paydaybank.co.uk reveals. Analysis of payday loan applicants via the website in April showed that 35.97% were from London, by far the largest area applying for a payday loan on the website. Wembley in North West London came in at 10th position independently, accounting for 0.76% of all payday loans taken out in the UK. In comparison, the nearest second placed area for taking out a payday loan after London was Manchester, with 7.09% of all payday loan applications, with Birmingham in third place responsible for 4.92% of all payday loans. Not living up to their reputation as being financially prudent, fourth and fifth places were taken by the two largest cities in Scotland, Glasgow (2.22%) and Edinburgh (1.29%). The Welsh meanwhile appear to be more cash-conscious than their Celtic cousins, as no single Welsh area featured in the top-10 list of popular areas for payday loans. Commenting on the findings, Ohad Hessel, Marketing Manager at Payday Bank said; “Owing to the size of London we would have expected the capital to feature prominently in the list, but to account for more than a third of all payday loan applications was a surprise. “As all Londoners can confirm the Capital is far more expensive than the rest of the country to live with everything from travel costs, rent, insurance, eating and drinking out and entertainment costing far more than it does elsewhere. “It’s little wonder then that as these costs add up Londoners sometimes find themselves short of cash until payday and instead of opting to pay extortionate unagreed bank overdraft charges, opt instead to save money by taking out a payday loan.” The 10 UK Towns & Cities Where Payday Loans are Most Popular 1. London - 35.97% 2. Manchester - 7.09% 3. Birmingham - 4.92% 4. Glasgow - 2.22% 5. Edinburgh - 1.29% 6. Sheffield - 1.23% 7. Leeds - 1.06% 8. Bristol - 1.04% 9. Salford - 0.99% 10. Wembley - 0.76% The Rest of the UK combined accounted for 43.43% of all payday loan applications, with no single location accounting for more than 0.76% of all payday loans. NOTES For more information contact Dale Lovell at Search News Media on 0779 1414 681 / 01753 861207 or email: dlovell@searchnewsmedia.co.uk About Paydaybank.co.uk: PaydayBank was established in 2005 with the aim to help as many customers as possible with their short term cash needs. Applicants must be UK residents and over 18 years old and in employment.
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