PayDay Loan companies cash in on companies paying expenses late

 

Late expenses payments are costing workers in the UK £2.1bn, affecting 46 million with employees losing on average £45 per year through bank charges incurred whilst chasing expenses.  A further loss of income is due to 40% of workers losing receipts for expenses, which equates to a collective loss of £512.5m per year.

The survey of 2,000 workers by Access Group found nearly half of those surveyed (46%) have suffered financial difficulties due to employers paying expense claims late or not at all. The survey also revealed that 13.5% of workers have had to cut back on food and other basics, with a further 8.6% falling behind on rent and mortgage payments. This has created the perfect conditions for payday loan companies with 8% of workers in the survey turning to lenders.    DP

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