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.
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Labour strongholds tended to remain so - apart from a major loss for the party in Dudley.
Labour suffered a "terrible" defeat in Rhondda but has already won 16 Welsh Assembly seats as it looks to record a fifth term in office.
UKIP have made further gains in the local elections in the Anglia region and the Conservatives have won back control in Peterborough.