Payday loans worth £45m borrowed by NHS staff

It has been revealed that employees of the National Health Service collectively borrow on average a staggering £45 million in payday loans each year, according to recent statistics published in the past week. What does the data reveal? The analysis on the payday loan industry was carried out by fintech company FairQuid and based on data by CashLady, and it revealed that NHS employees made up the highest proportion of payday loan applications across the country. This equates to about 3.5% overall. The main reason that was given as to why the applicant had decided to take out a payday […]

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Nesta Challenges launches £2m in prize money to increase affordability in the lending industry

Nesta Challenges launches £2m in prize money to increase affordability in the lending industry

Nesta Challenges have recently launched the Affordable Credit Challenge, in the hopes of creating incentive for community lenders and fintech companies to partner up and develop solutions to help improve affordability within the lending industry. The funding organisation has claimed that high-cost credit loans do have “a role to play in the market” however, “too many people have been turning to these lenders […] when it has not been appropriate for their own personal situation.” Whilst community lending and other not-for-profit lenders can provide a better means of borrowing for people in particular financial situations, studies have shown that many […]

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