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
The world is facing a "global health emergency", according to the World Health Organisation (WHO).
A 25-year-old man has been arrested in Newport, South Wales, in connection with the Parsons Green terror attack, Scotland Yard said.
A milder night ahead with some cloud low enough to be misty in places.