Payday loans have seen a "massive upswing" in popularity among UK consumers in recent months, new figures have suggested.
According to data compiled by Moneysupermarket.com, the number of payday loans being taken on around the country was 55.4 per cent higher in April than in September of last year.
The price comparison service has put the rise in popularity of short-term high-interest loans down to the fact that more and more people are finding it very difficult to pay their way towards the end of each month.
Money problems are growing in severity for households across Britain and payday loans are being viewed by many as preferable to using an overdraft without prior permission.
Tim Moss, head of loans at Moneysupermarket.com, said: "They should only be taken out when it’s absolutely necessary and you are sure you can pay it back quickly."
Meanwhile, Credit Action recently revealed its aim of seeing certain loan advertisements banned from appearing on the social networking website Facebook, partly because of their lack of interest rate information.