Do payday lenders deserve such bad press?
Over the last few years payday lenders have been hitting headlines - for all the wrong reasons.
But a new survey out today suggests that despite the eye watering interest rates, payday loan companies can actually serve a useful purpose.
The research for uSwitch found that about half the borrowers surveyed had a positive experience of payday loans and almost a third would take out another.
The company's personal finance expert Michael Ossei told BBC Radio 5 live's Wake Up to Money, "People are not actually earning enough to cover their costs... but banks are not lending out short term."
07 Aug 2013
- From the section Business