One million people in Britain have taken out emergency payday loans so they can make payments on their mortgage or rent in the last 12 months.
3.5 million people are expected to take out a payday loan in the next six months as cash-strapped Brits reach breaking point with their finances.
Payday loan users have quadrupled over the last four years indicating a need for banks to offer more affordable short-term loans as alternatives.
The Office of Fair Trading (OFT) published a final report into the £7.5 billion high-cost credit sector yesterday, looking at pawn-shops, doorstep loans and payday loan providers. Find out what it means for finding loans online.