So we have been busy analysing our data since the UK went into lockdown. Here’s the full list of our analysis:
I think the majority of us thought there would be a spike in payday loans during these uncertain times, however, it is the complete opposite.
I think the big reason for this is because people are spending less. Apart from online shopping and food, there isn’t much else to spend your money on.
Another factor is that whilst on lockdown, you can apply for mortgage holidays and pause other financial outgoings.
I don’t think anyone can give accurate predictions to any industry at the moment (well, apart from toilet paper and cleaning products) these really are uncertain times.
Finally,
Here at 1st Class Loans we hope you are all keeping safe and if you are in difficult financial situation, please don’t hide away, you are not alone. Please see our debt blog on what you can do and who you can contact to help you.
Name – John Wood
Bio – Finance writer for numerous financial websites. Studied at Manchester University.
Email – [email protected]
1st Class Loans
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