More than four times as many people applied for a payday loan in the last two weeks than in the whole of November.
Ferratum, Europe’s biggest online microloan lender, said that the demand in the run-up to Christmas was so great it had taken on additional staff to handle applications.

The majority of people applying for loans are aged 18-35 and more than 60 per cent are female. With most people having had their last pay day before the festive season more than three weeks ago, applicants are looking for extra cash to help buy last-minute gifts and food.

Ian Porter, UK Sales and Marketing Manager, said: “The level of applications has been phenomenal during December and particularly in the past two weeks. “We have received four times’ as many applications for microloans in that period alone than in the whole of November.

“We have recruited a further five people to ensure that all applications are processed swiftly and efficiently. “The feedback we are receiving from our customers is that they like the simplicity and flexibility of a microloan as well as the fact that it is specifically aimed at helping people with a short-term requirement for money.”

Ferratum believes that two million people in Britain have applied for payday loans and industry experts forecast that within six months that number will have risen to more than..Read more here--: CCR Magazine - Payday loan applicants increase four-fold as Christmas nears