Romford borrowed more in payday advances than Leeds in 2018

Town took down ВЈ15m, compared with ВЈ14.7m, despite greatly smaller population, information programs

Romford market. In terms of quantity lent by capita, Croydon, south London, had been the largest at ВЈ29.15. Photograph: David Levene/The Guardian

Romford market. In terms of quantity lent by capita, Croydon, south London, had been the largest at ВЈ29.15. Photograph: David Levene/The Guardian

Final modified on Fri 19 Apr 2019 18.20 BST

The individuals of Romford in eastern London borrowed additional money via pay day loans in 2018 compared to the whole populace of Leeds, based on formal information.

A report in line with the numbers known as Birmingham as “the cash advance money regarding the UK”, using its residents borrowing Maine online payday loans an overall total of £37m in 2018 as their individual funds arrived under great pressure.

Nevertheless the information indicated that in regards to population size, Romford and Croydon, south London, had been both contenders when it comes to name.

Romford’s residents took away 55,299 pay day loans in 2018, totalling just over £15m in value. In Leeds there have been simply over 63,000 loans well worth at total of £14.7m.

Leeds has a populace of 750,000, in accordance with final census in 2011, while a variety of numbers receive for Romford, although the one most often utilized is 95,894.

The info ended up being acquired through the Financial Conduct Authority.

In the past few years thousands of people have actually looked to the high-cost pay day loans to aid spend their lease or home loan, cope with an urgent crisis and sometimes even manage their regular meals store.

The best-known player, Wonga, collapsed in 2018 after many years of debate and a clampdown regarding the sector, but there are a variety of other companies nevertheless plying for trade. One of the greatest is QuickQuid, which states so it charges a rate this is certainly representative ofper cent APR.

The FCA information ended up being acquired via a freedom of data demand by Wagestream, an application utilized by some companies that enables workers to get a share of the wages since they are attained in substitution for a cost.

It suggests that residents of Birmingham borrowed ВЈ37.1m across 146,000 loans that are payday 2018, well in front of second-placed Manchester, with ВЈ28.6m across 124,000 loans, and Sheffield, with ВЈ23.8m across 100,000 loans. Glasgow and Newcastle had been in 4th and place that is fifth.

However the information matters each London borough as an independent entity therefore if they certainly were all added together, the administrative centre would top the table by a large margin.

The analysis revealed that once the numbers had been weighted for populace thickness, Croydon borrowed the money that is most “per capita” this past year: £29.15 for each and every resident. About 42,600 loans with a total value of £11.8m had been applied for.

Wagestream stated the numbers unveiled “Britain’s ongoing dependency on payday loans”, which could carry a pursuit rates of up to 1,500percent APR compared with 22.8per cent for a typical charge card.

The biggest loans on typical were secured in Ilford, eastern London, where in actuality the average had been ВЈ301.73.

The price of pay day loans is capped under guidelines that restrict exactly how people that are much be charged when it comes to interest and costs. The limit means individuals will pay back more never than twice whatever they initially borrowed.

Top 20 places ranked by total quantity loaned in 2018

Birmingham ВЈ37,128,942

Manchester ВЈ28,601,495

Sheffield ВЈ23,768,022

Glasgow ВЈ23,641,636

Newcastle upon Tyne ВЈ23,453,937

Nottingham ВЈ22,378,878

Liverpool ВЈ21,322,865

Peterborough ВЈ18,384,239

Cardiff ВЈ17,591,799

Leicester ВЈ17,244,521

Chester ВЈ14,814,467

Leeds ВЈ14,679,325

Top five places by quantity loaned per capita in 2018

Croydon 42,639 loans, ВЈ29.15

Romford 55,299 loans, ВЈ29.04

Dartford 41,931 loans, ВЈ26.26

Southall 35,730 loans, ВЈ26.03

Northampton 66,784 loans, ВЈ25.74

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