Analysis from different lenders with in the short term loan/payday loan market, shows that a number of nurses in the UK apply for short term loans or payday loans on a monthly basis. The media stated that 17 nurses a day apply for this type of loan.
The nurse’s profession has a long history within the UK, with modern nursing founded by Florence Nightingale. Florence established the first nursing school at Saint Thomas hospital in 1860, and her improvements in hygiene led to the fall in mortality rates. So why do the people in nursing need short term loans or payday?
Short Term Loan and Payday Loans for Nurses
Over the past two years more nurses have taken out Short Term and Payday Loans, but why? The average age of student nurses is 29. This shows that more people are taking up nursing later on in life. At this age people normally have other commitments such as a mortgage, car payments or child care. Other outgoings they might have are expenses for groceries, some people who have followed their dream in to becoming a nurse might have to take a pay cut before they move up the pay scale with seniority, which will mean other financial commitments they had from before their training will be an additional burden, making cash tight.
In the past, credit cards used to be treated as an emergency measure for when there was an unexpected bill. Increasingly, people use their credit cards as ‘money in the bank’. So when they reach the limit, they have a shortfall at the end of the month after an emergency expense. They then might apply for a short term loan or a payday loan from a direct lender. This to cover their financial commitments.