Popularity of payday loans on the rise

According to R3.org.uk, five million British adults say they are likely to take out a payday loan in the next six months. That’s 1.5 million more people – a rise of about 50% – compared to those who were considering it this time last year.

The payday loan option is growing in popularity among young people in particular, with more than one in four (26%) of 18-24-year-olds saying they are likely to go for it. Furthermore, 13% of adults admitted they have prioritised paying back this type of loan over basic essentials, like food.

Source: R3.org.uk



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