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Saturday, 11 March 2017 10:41

Our survey shows one in five people applying for a loan has less than £60 left in their account

When people come to us looking for a loan we know that they are here because they are in a sticky financial situation. Some of the situations people find themselves in cannot be helped and it is hard to comprehend just how some people's finances are in dire straits.

One of our surveys has shown that one in five people that came to us for a loan last year had just £60 left in their bank account. Sixty pound. That is hard to hear. Many in this situation also find they have at least a couple of weeks to go until payday but have outgoings that are due - hence why they needed some financial aid to help tide them over.

How is it that one in five people in this day and age can let their bank account go down to less than one hundred pounds? And this is just the findings of our survey, we believe that if more people were surveyed it would open up a lot more shocking findings.

That means that one on five of these people would literally have no money should anything crop up like a forgotten bill, a car repair or an electrical item breaking down and needing repairing. This is how close some people get to losing everything. It really is too close to the edge, especially when you take into account that should these people miss a payment for anything their credit score will also be dented and they will more than likely not get credit for anything again, or at least for a long time. The very fact that they are prepared to take this risk shows just how nothing has changed since the financial crash.

We are constantly being told that more people are in work than ever before and living standards are continuing to rise all the time - that is what the government says. We believe our survey speaks a thousand more words. We are seeing people more desperate to get their hands on cash and the numbers coming to our site for loans are pretty much the same as around the time the financial sector collapsed. So, where does the government get off telling everyone that we are in a much better state? They are speaking for the wealthiest people in our society. People with a fair wad of cash behind them are having a good time of it at the moment, as a lot of policy and tax changes have gone in their favour. Yet the most financially vulnerable in our society have to resort to scraping by and getting loans wherever they can. If you listen to the government though, we've never been in a better position since the crash - what a joke.

The government has no idea how the majority of the people in this country live. Yes, there may have never been as many people in work and living standards may be on the up but this does not eradicate the fact that the cost of living has never been so high. Even working people who graft five days a week are struggling to make ends meet and need to come to loan sites to get the extra cash they need at short notice. Wages haven't risen for ages and neither do they look like they are going to so the divide is ever widening between what people get paid and their monthly outgoings and because of this more and more people are going to get unstuck.

A lot of people suspect that the majority of people coming to loan sites are those that aren't very good at budgeting their finances. There are also suspicions that a large portion of young people would be visiting loan sites as they are the kind of people that would be most likely to suffer money woes. Actually, a significant number of people that apply for our loans are people that are employed but who earn a low wage so are struggling with the gap previously discussed between wages and the cost of living.

They are the people that want to work hard but who the government is failing by allowing the rising cost of everything to leave them behind. 

There is nothing wrong with these people coming for a loan, a lot of time it is their last resort. They haven't got anywhere else to turn and until the government sits up and takes notice, more and more people will find that short term loans are their only option to get through.

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