How payday lending numbers add up

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Payday Loans sign glows in green neon on a black background

Here are some findings about the payday lending industry in numbers:

:: 2.8 billion - The estimated worth of loans issued by payday lenders in 2012 in pounds, according to the Competition Commission;

:: 260 - The average value of a payday loan, in pounds;

:: 50 to 1,000 - The minimum and maximum range of a payday loan, in pounds;

:: One million - The number of people estimated to have taken out a payday loan in the UK in 2012;

:: 35 - The average age, in years, of a payday loan borrower;

:: 60 - The percentage of payday loan borrowers who are male;

:: 65 - The percentage of payday loans found to be paid back in full on time or early;

:: 25 - The percentage of payday loans which are for £100 or less;

:: 22 - The average duration of a payday loan, in days;

:: 2 - The percentage of payday loan borrowers who said they borrowed the money to repay another
payday loan, according to the Competition Commission;

:: :12 or more - The number of consecutive rollovers some payday customers had in the most severe cases found by Office of Fair Trading (OFT) inspectors;

:: Nearly 14,000 - The number of cries for help debt charity Stepchange received last year from people who were struggling with five payday loans or more;

:: 5,853 - The APR (annual percentage rate) advertised on loans from Wonga, one of Britain's best-known payday lenders. Wonga has argued that its APR figure is not a good reflection of the true cost of its loans, which are intended to be for a short-term period.

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