Based on our Financial Lives Survey 2017, borrowers with HCSTC loans (payday and short-term instalment loans) differ in age.
Figure 5 demonstrates that borrowers between 25 to 34 yrs . old keeping loans that are HCSTC33.4%) had been especially overrepresented in comparison to great britain grownups within that age groups (17.5%). Likewise, borrowers over 55 years old had been even less prone to have HCSTC loans (12.2%) set alongside the UK population within that generation (34.8%). The study additionally unearthed that 60% of payday loan borrowers and 45% for short-term instalment loans had been female, compared to 51% of this British population being feminine.
HCSTC borrowers tend to call home in rented properties or with parents
Five in six HCSTC customers will work time that is full. Our analysis of a couple of years of PSD, from Q3 2016 to Q2 2018 shows the numbers have actually changed almost no over this duration even though there had been a decrease that is slight the portion of individuals on advantages making use of HCSTC from 3.9per cent in 2016-2017 to 3.0percent in 2017-2018. (mehr …)