Millions turn to payday loans as money worries reach highest level on record

With tight household finances, new research shows that people are increasingly turning to payday loans in order to cover their essential spending and the costs of Christmas. The R3 Insolvency Group , which represents professionals working with financially challenged individuals and businesses ,  have published findings based on interviews with 2,000 people.  Payday loans, also known as microloans, is now a £2 billion business, thanks to people borrowing anything from £50 and £300. Costs are high with charges typically ranging from £13 to £18 in interest for every £100 borrowed, but can be as high as £30 per £100 for some online ...