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

Romford market. With regards to of quantity lent by capita, Croydon, south London, ended up being the largest at ВЈ29.15. Photograph: David Levene/The Guardian

Romford market. In terms of quantity borrowed by capita, Croydon, south London, ended up being 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 more income via pay day loans in 2018 compared to the whole populace of Leeds, relating to formal data.

A report in line with the numbers called Birmingham as “the pay day loan money of this UK”, having its residents borrowing an overall total of £37m in 2018 as their individual funds arrived under some pressure.

However the information indicated that when it comes to populace size, Romford and Croydon, south London, had been both contenders when it comes to name.

Romford’s residents took down 55,299 loans that are payday 2018, totalling just over £15m in value. In Leeds there were simply over 63,000 loans worth at total of £14.7m.

Leeds has a populace of 750,000, relating to final census in 2011, while a variety of numbers get for Romford, although the one most frequently utilized is 95,894.

The info had been acquired through the Financial Conduct Authority.

In the past few years thousands of people have actually looked to the payday that is high-cost to greatly help spend their lease or home loan, cope with an urgent crisis and on occasion even manage their regular meals store.

The best-known player, Wonga, collapsed in 2018 after several years of debate and a clampdown from the sector, but there are numerous of other companies nevertheless plying for trade. One of the primary 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 employed by some employers enabling workers to get a portion of these wages since they are attained in substitution for a charge. read more →