A money expert has revealed that millennials are rushing to take out payday loans in the lead up to Valentine’s Day to “impress” partners.
Shanie Capper, who has worked in financial services for 19 years, says there is a notable spike in the amount of people applying for loans in early February.
The 35-year-old pointed out several key trends including who is looking for more cash – this year, 28-32-year-olds are topping the list.
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Shanie’s comments follow new research by MyQuickLoan that shows applications for payday loans have increased by 15% the week before Valentine’s Day.
“With the cost of living going up, disposable income is at an all time low,” said Shanie, from Cheshire.
”This is why we are seeing an increase in loan applications just before Valentine’s.
“Looking at the statistics we’ve got, millennials are likely getting more serious about settling down.
“And they are possibly looking to impress their other half with gifts.
“The most common salary for consumers applying for loans the week before Valentine’s is £1750 per month.”
The expert – who has worked in credit brokering and lending, the debt industry, as well as marketing and data analysis – says this is a trend they often see ahead of the romantic holiday.
Shanie added: “The marketing concept around Valentine’s drives this surge.
“It tends to be something we see every year – an increase in people applying for loans.
“With the current cost of living crisis, I wouldn’t necessarily say the cost of gifts is going up, but the cost of bills means people don’t have as much disposable income to pay towards things.”
Millennials are applying for on average £350 in payday loans before the romantic holiday.
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