OFT: Payday loan market worth up to £2.2bn in 2011/12

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.

An example of an APR interest rate offered by one payday loan company
A poster advertising a payday loan 'sale' Credit: Dominic Lipinski/PA Wire/Press Association Images

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Clamp down on payday lenders

Britain's biggest payday lenders have been threatened with being put out of business after a damning report by the Office of Fair Trading uncovered evidence of "widespread irresponsible lending".