£1.2bn boom in 'pay day' loans

Pay day loans which carry sky high annual interest rates are surging in popularity, according to today's Metro, I'm sure the popularity comes from the pawnshop owners and not necessary from the people taking on these loans. The article goes on to read,
"The number of people taking loans, which can be approved in minutes on the web or by phone, have quadrupled since 2006. Some 1.2 million people are now borrowing £1.2bn from the increasing slew of short term money lenders, say researchers.
John Lamidey of the Consumer Finance Association, which represents most short-term loans firms, said "People want to borrow a smaller amount of money for their immediate needs and desires and pay it back quickly. If this is not a product people really like, then why is there the growth? We really don't want to lend to people who aren't in work," he added
He said high APRs are misleading because most customers repay straight away, paying between £10 and £30 for every £100 borrowed.

Well that makes one feel much better