The number of people running into debt through so-called payday loans has quadrupled in two years, according to one debt advisory service. Payday loans are small, short-term unsecured loans designed to tide people over until they get their salary. The Citizens Advice Bureau says it is too easy to obtain such credit and is calling for tighter regulation. But Consumer Minister Ed Davey said tougher measures could push people into the hands of illegal loan sharks.

For many people a payday loan is a quick and efficient legal way of getting hold of short-term credit. If the money is paid back promptly...Read more HERE