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Bank charges: Payday loan industry 'growing fast'

An increasing number of people may be looking to avoid bank charges by taking out payday loans as the industry is "growing fast".

That is according to Ed Bowsher, head of consumer finance at lovemoney.com, an everyday money site that aims to help consumers manage their money more effectively.

He said: "The payday loans industry seems to be growing fast, so I think more people must be using these services.

"No doubt some people take out payday loans because their bank won't lend to them, but others may just like the speed - payday loans reach your bank account within 15 minutes."

Mr Bowsher's comments follow recent research by R3 that revealed that a large number of people are not able to pay their bills.

It found that six million people are currently behind with some of their bills and payments, which represents an increase of two million compared to the last quarter.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800576750-ADNFCR



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