According to recently released research findings, Londoners make use of no credit check short term loans the most often.
A instant cash loan provider recently published a research study detailing how middle earners living in London are most likely to take out such a short term loan. Londoners seem to go through their wages faster than other Brits, the research study found, indicating that they have the heaviest reliance on short term loans to make ends meet on a month to month basis.
The research study analysed the borrowing behaviour of some 75,000 Brits who had applied for short term loans from March of this year. The results indicated that Londoners were the ones who availed themselves of the service the most, followed closely by residents of Liverpool, Leeds, Birmingham, and Manchester, and then those living in the Scottish cities of Edinburgh and Glasgow.
One of the research study’s authors, instant cash loan expert Giles Coutts, commented on the findings, stating that he thought there was an all too common misconception that the only ones to use short term loans were individuals residing in areas of high poverty or those who had low levels of income. However, it seems that those in need of short term loans aren’t low income earners at all, and the stigma of using such a service should be dissolved.
Mr Coutts also said that, with the current economic turmoil gripping the country, short term loans were one option that harried UK consumers used to manage any expenditures that they weren’t expecting or neglected to plan for. Other research has shown that short term loans are on par with using an unauthorised overdraft in terms of the cost on a month-to-month basis.