Cashfloat reveals exclusive statistics: people who can’t afford payday loans often have good credit scores, averaging 74%

Cashfloat.co.uk, a premium UK payday lender, releases new statistics about the amount of payday loan applicants declined on the grounds of affordability.

  • Over 25% of instant payday loan applications are declined because applicants can't afford the loan
  • Applicants declined on affordability tend to have good credit rating, averaging 74% on Cashfloat's unique credit scorecard system
  • Statistics indicate that UK citizens are increasingly borrowing money to repay their debts

The hot topic in the UK is the rising level of household debt. According to The Guardian, consumer credit has reached a peak of £197bn, up from £159bn in 2012. While payday loans used to take the blame for spiraling debts, this is no longer the case.

Cashfloat.co.uk is a trading style of Western Circle Limited; an FCA-fully authorised direct lender. The Cashfloat model is based on fundamentally good morals and very advanced artificial intelligence technology designed to help and protect people taking payday loans online. Your can read more at: www.cashfloat.co.uk

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