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Surge in pay day loans raises issues about personal debt


Surge in pay day loans raises issues about personal debt

There’s been a jump that is sharp the amount of pay day loans, increasing 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 12 months.

The quantity lent in addition has increased somewhat. When you look at the 12 months to June the full total value of loans had been ?1.3 billion, up from ?1.1 billion between July 2016 and June 2017. The amount that is total ended up being ?2.1 billion. Read more!