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Surge in payday advances raises issues about unsecured debt

Surge in payday advances raises issues about unsecured debt

There’s been a razor-sharp jump in the amount of pay day loans, raising issues about increasing unsecured debt.

Over 5.4 million payday advances had been used the entire year to June 2018, based on monetary regulator the Financial Conduct Authority (FCA).

This even compares to 4.6 million applied for the year that is previous.

The total amount lent has additionally risen dramatically. 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.