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One-quarter Of Debt-Riddled UK Citizens Use Payday Loans

by Jim ONeil on February 7, 2012

in Payday Loans News

Recent research conducted by Vincent Bond & Co reveals that 28 percent of UK citizens in debt have taken payday loans. From 2006 to 2009, there was a four-time increase in the number of people using these short-term, no credit check loans.

During 2009, 1.2 million UK residents took a total of £1.2 billion in payday loans. Within the next six months, 3.5 million people are expected to become payday loan customers. For some consumers in deep debt, this type of loan seems like the only answer.

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