The government’s ‘Eat Out to Help Out’ program resulted in an immediate 41% increase in payday loan applications, a report was found
A report from Cashfloat.co.uk found that the payday loan applications on Jan.
– Sarah Connelly, analyst and writer for Cashfloat
LONDON, UNITED KINGDOM, December 8th 2021 /EINPresswire.com/ – On July 8, 2020, the UK government announced an Eat Out to Help Out program that gives customers a 50% discount on food at restaurants that have registered with the government program. The project officially started on August 3rd, 2020 and ended on August 31st, 2020 – whereby the system is active every Monday, Tuesday and Wednesday on these dates. Restaurant owners and other hospitality business owners praised the initiative at the time, saying it helped boost business.
But what about the consumers? Cashfloat, a London-based payday lender that focuses on Loans for bad credit, released a report last week, titled “Who Borrowed Payday Loans During the Coronavirus Pandemic,” which analyzed payday loan applications received during the first year of the pandemic.
Compared to the previous day, payday loan applications were found to have increased 41% on the first day of the Eat Out to Help Out program. This could indicate that people wanted to borrow money to benefit from the system where they otherwise wouldn’t. The full report is available on the Cashfloat website here.
Sarah Connelly, analyst and writer for Cashfloat, commented:
“For people who otherwise couldn’t afford the luxury of a restaurant, a 50% discount is too good to go without it. Yes the program has helped business owners, but what about the people who wanted to get expensive loans to help them? Could afford a 50% discount? Payday loans are really expensive and shouldn’t be used for a restaurant meal, for example. That is why Cashfloat asks for the “purpose of the loan” in our application form and we only approve a loan request if the answer meets our lending criteria. “
The results of the report were compiled from first-hand data obtained by Cashfloat.de and its partner websites. It analyzes just under a quarter of a million payday loan applications submitted from March 1, 2020 to February 28, 2021 in the first year of the pandemic.
The report includes an analysis of how the number of payday loan applications has changed during the pandemic. It also includes the demographics of the payday loan applicants during that period, including age, gender, relationship status, location, jobs, salaries, and more.
For exclusive statistics from Cashfloat or to request a custom report, you can contact the Cashfloat team at [email protected]
We hope you found this publication interesting. If you use any of the information in this press release please include a link to Cashfloat.co.uk.
About cash float
Cashfloat is an FCA authorized direct lender offering payday loans, personal loans and small installment loans through its popular website Cashfloat.co.uk. Since its launch in 2014, it has grown to become one of the leading payday loan brands recognized and trusted by thousands of UK consumers across the UK.
Cashfloat is part of the Western Circle Group, which develops advanced artificial intelligence technology systems to provide secure and flexible online loans.