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Loans

Treasury written question – answered on 3rd February 2011.

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Photo of Chris Ruane Chris Ruane Labour, Vale of Clwyd

To ask the Chancellor of the Exchequer what recent estimate he has made of the (a) number and (b) proportion of people who use payday loans in each (i) region, (ii) local authority and (iii) constituency.

Photo of Edward Davey Edward Davey The Parliamentary Under-Secretary of State for Business, Innovation and Skills

I have been asked to reply.

This Department collects information from the YouGov Debt Track survey on the number and proportion of people both using payday loans and those that have applied for payday loans in the last six months.

In October 2010, the most recent survey, it was estimated that less than 1% of the population currently had a payday loan and that approximately 0.5% had applied for a payday loan in the previous six months. The sample size of this survey (UK wide) is around 3,000-therefore it would be statistically unreliable to disaggregate the number of people who either hold or applied for a payday loan to a regional level (or beyond that, to local authority or constituency level).

Consumer Focus reviewed the payday loan market in 2010. They estimated that around 1.2 million adults took out a payday loan in 2009. They estimated the size of the market at £1.2 billion with each payday loan being worth on average £292.

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