The Office of Fair Trading has estimated that the payday loan market was worth £2.0 to £2.2 billion in 2011/12, which corresponds to between 7.4 and 8.2 million new loans.
This figure is up from an estimated £900 million in 2008/09.
More top news
Pretenders singer Chrissie Hynde has been criticised for comments she has made about rape victims.
The Clipper Round The World Yacht Race is due to begin in London today from St Katherine's Dock.
Once a year W11 comes alive with the colour of carnival. Everything you need to know about getting around and what to see in Notting Hill.