Payday loans are strictly a short-term solution and should be treated as such. In the short term you might have a little peace of mind and keep your lenders at bay; however, if you continue doing this and building up a greater debt as a consequence your finances could become even more muddied. They work differently to traditional forms of borrowing. You will probably have seen headline interest rates in the region of 2,000%. Whilst this isn’t representative of the cost of short term loans (this is usually between 20-25%), the more you borrow and the longer you are dependent on this borrowing, the more debt you’ll create.

Let’s look at a possible scenario. Say you’re looking to borrow

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