PEOPLE living in London are requesting some of the biggest high-cost short-term loans in the UK, analysis reveals.
Londoners made a total of 5,709 high-cost short-term loan requests in January at an average value of £346.
The number of loan applications by Londoners is down 12.4 per cent from a year ago, but the size of the average loan requested has risen by 10.54 per cent, according to the consumer credit index from short-term credit broker CashLady.com.
The data, which is broken down into TV regions, shows the highest average loan request came from the Channel Islands at £529. This average is likely skewed by the fact that only 23 applications came from the Channel Islands, which has a population of just 164,541.
After London was the Central region, which made 5,650 loan requests in January – down by 17.7 per cent from a year earlier. The average amount requested was £337.
At the bottom of the index was the far north Border region, where residents made 323 loan requests averaging £273 each.
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Every single region saw a drop in loan applications from the previous year, but the average amount sought was higher in all regions apart from the Border area where it dropped by seven per cent.
Chris Hackett, managing director of CashLady, said the data adds weight to stories that help local governments or employers “wake up to the struggles often being faced by their constituents and workforce respectively”.