Monday, 12 October 2015

Quick Loans said eight times more teachers have applied to it this year than in 2011, along with five times more council worker

PA

The number of public sector workers wanting payday loans from a leading lender has quadrupled in five years. Quick Loans said eight times more teachers have applied to it this year than in 2011.
Five times more council workers have applied.

Members of the armed forces, NHS and police are in the top 10 groups. While just 4,958 teachers applied in 2011, it was 51,536 in 2014 with 34,452 so far this year.
The number of council workers is up from 7,563 in 2011 to 33,856 from January to September this year. 
Armed forces personnel came in third, with 31,411 applying this year - up from 7,523 in 2011.
Construction workers, the self-employed, students, apprentices and retail workers are the other top applicants of 2015. In 2011, retail workers, the self-employed and sales people applied for the most loans.
And not only are more professionals applying for direct loans than ever - the average loan sought has risen from £1,152 to £1,487.
Graeme Wingate, managing director of Quick Loans, said the data raises questions about whether the economy really is improving.
He said the figures show many blue-collar workers are turning to direct lenders perhaps because they find it hard to get credit from banks. He said: “Local government workers are among those starting to struggle . “People who have never had difficulty are coming to a lower level of lending. “We are seeing quite a lot more of what we thought of as prime borrowers. Maybe Government cuts are starting to bite.”
 

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