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Public sector workers turn to payday loans


Public sector workers

Readies.co.uk has revealed that some public sector workers are turning to payday loan companies to make ends meet.

Readies.co.uk – an independent loans comparison site – polled 8,000 anonymous visitors to its website last month, who were seeking short-term borrowing.

Of those in employment seeking a payday loan, more than one in four (27%, the highest number) worked in the public sector (ie nurses, teaching assistants and council staff).

Almost a quarter (24%) of those seeking a payday loan said the money would be used for unexpected bills as they had insufficient savings, while 18% applied for additional funds to pay off an existing payday loan. 

Some 15% needed money to help with mortgage and rent commitments, while 10% required the extra money to help with utility bills.

Households are currently under increasing strain as inflation hit 2.9% last month, the highest rate in four years, due primarily to the weakness of the pound.

Stephanie Cole, operations manager at Readies, said: “Payday loans have a negative stigma attached to them, but the reality is that they are now part and parcel of some people’s lives as the pay squeeze intensifies as wage growth falls further behind inflation.

“The pay squeeze – particularly on public sector workers – will only serve to increase the number of people turning to payday loans who are already struggling with rising fuel, food and transport costs.

“Anyone considering a payday loan – or any loan for that matter – should always seek to get the right information to make an informed borrowing decision.”

Readies.co.uk is a licensed credit broker which compares business, personal and car loans.





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