The majority of things are more expensive than they were a few years ago in the UK. It's a simple fact and one that is often told to us repeatedly on the news or in newspapers.

Over 4 years ago access to finance (loans) was a lot easier. There were lenders such as Welcome Finance and Blackhorse Finance made it's loans available to everyone. These days have gone but what has happened is that there are now more lenders that offer loans of less than £1000 than there ever were.

Is this a good thing? You can argue both ways but I remember that people used to complain that they have to borrow more than they needed - therefore for these people a payday loan is a great solution that enables quick access to a small short term loan which means, (a) you're not over borrowing and (b) you're not borrowing over a long time.

APR is the big sticking point. Should you look at APR when looking at a payday loan? Realistically you can use them to compare payday loan to payday loans but it's not comparable to other unsecured loans. £100 borrowed for 2 weeks with a payday loan may cos you £150 to pay back at 1700% APR+. £3000 over 7 years at 16.9% will cost you nearly £5000 to pay back - which is the better deal? Only you can decide in your own personal situation. A key point here also is that you should make sure the payments are affordable - don't over stretch yourself!