Hotel and restaurant staff top list of payday loan applications during lockdown

Hotel and restaurant staff top the list of payday loan applicants during the pandemic, new industry data has revealed.

Analysis of customer trends Petits-prê found that staff in the hospitality and leisure industry made the most requests for short-term loans this year, with employees in this sector borrowing an average of £1,532.

The stringent restrictions imposed on the hospitality industry during the lockdown have meant that many hotel workers, wait staff and general hospitality roles have been heavily affected due to site closures. People working in the construction and manufacturing industries have also been hit by the restrictions, with workers in this sector having the second highest number of payday loan applications.

Surprisingly, NHS staff and healthcare workers came third on the list of industries that saw staff applying for payday loans.

Greater London, West Midlands and Lancashire topped the list of regional requests, with the highest number of short-term loan requests coming from these regions.

The data was released by FCA-regulated credit broker, a loan comparison website that allows users to compare small loans from over 40 lenders to get the most APR. possible low.

Commenting on the data, a spokesperson for said: “It is interesting to see that the occupations that have applied the most for payday loans this year are staff in sectors that have been heavily affected by Covid-19 restrictions and lockdowns. It is therefore understandable that personnel in these industries need additional financial support.

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They added: “The average loan amount for customers this year has been £1,531. Short-term loans allow customers with poor credit to access small amounts of money quickly, for things like household emergencies, such as boiler repairs or car breakdowns. They should not be used for unnecessary expenses, such as vacation purchases.

The customer data trends were based on payday loan applications for the period April 2021 to June 2021, which had a sample of 197,000 customer applications.

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