One million Brits use payday loans every month
It's sad to see that way too many people are struggling to keep their finances on track. New research from Santander shows that not only are a million people taking out a payday loan each month, Brits are also borrowing £2 billion every year from the payday loans industry.%VIRTUAL-SkimlinksPromo%
Supporters of payday loans always stress the fact that payday loans are meant to be short-term loans, so few borrowers should end up paying that much interest. But even a one-month loan can be fearfully expensive. If you want to borrow £300 for one month, you'll have to pay £95.89 in interest and fees.
If you're tempted to take out a payday loan, there is almost certainly a better option out there. Read The best alternatives to payday loans to find out what you can do instead.
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- Compare loans here