The number of Britons resorting to payday loans to pay rent or mortgage has more than doubled since 2015, according to data from CashLady – a FCA authorised credit broker.
The report also unveiled that the total number of people making loan applications also almost doubled since two years, having jumped by 93%.
The average loan amount requested by hard-up Brits increased 45% to £325 in 2017 from £224 in 2015.
CashLady managing director Chris Hackett said: “These figures, uncomfortable as they are, lay bare the state of the nation as people are struggling to cover their rent or mortgage payments. Wages for some of our most valuable members of society are just not high enough for them to manage basic living costs and they are regularly being forced to seek out short-term financial help.
“Housing expenditure is the largest monthly expense for our customers and they should be able to comfortably afford this before turning to emergency finance.”