Surge in pay day loans raises concerns about unsecured debt

Surge in pay day loans raises concerns about unsecured debt

There is a jump that is sharp how many payday advances, raising issues about increasing unsecured debt.

The Financial Conduct Authority (FCA) over 5.4 million payday loans were taken in the year to June 2018, according to financial regulator.

This comes even close to 4.6 million applied for the past year.

The quantity lent in addition has increased considerably. The total value of loans was ?1.3 billion, up from ?1.1 billion between July 2016 and June 2017 in the year to June.