Spiralling costs and worries about paying bills have led to a surge in interest in payday loans, a new survey has found.
Research by savings platform Raisin UK has revealed a massive 350% hike in internet searches for payday loans over the past 12 months, as the nation faces a cost of living crisis and families struggle to make ends meet. Household budgets are being squeezed every way, from petrol hitting a UK record high of £1.55 per litre last week to spiralling food prices at the supermarket - and that's before the new energy price cap kicks in next month, when the average family will have to find nearly £700 extra each year just to pay their energy bill.
Kevin Mountford, Co-founder of Raisin UK, cautioned that payday loans can be a dangerous road to go down, despite the short term relief they may seem to provide.
