In a recent survey Consumer Focus estimated that the number of UK consumers using payday loans has reached 1.2 million people, borrowing a combined £1.2 billion.
Since the end of 2008 the demand for loan services offered by payday loan companies has increased. This demand coincides with the reluctance of high street banks to lend to a large number of the UK workforce.
Over the past year, as the demand for loans has grown, the Office of Fair Trade carried out a strenuous review of the paydayloan industry. The Office of Fair Trade found that paydayloan customers liked how quickly and easily they can access credit and the affordability of the repayments. It also concluded the service offered by fast loan providers can be seen to be working reasonably well.