Around a third of all payday loans are repaid late or not at all. The sky-high interest rates can vastly increase the amount you owe.

One of the main ways people getting into difficulty with payday loans is by "rolling-over" the loan.

If you are worried about a payday loan you have taken out, there is plenty of free independent advice you can seek.

There are also a number of agencies who can help you to work out a monthly payment plan:

Debt charity StepChange offers the following advice on its website:

In payday loan debt?

StepChange says if you’ve taken out a payday loan and you’re unable to repay it, don’t take out another debt. The debt charity says most lenders would have taken your bank card details so they can take payment from the account. If the payment is declined by the bank some lenders will attempt again, sometimes several times.

Avoid payday loan debt

Stepchange advises those struggling to manage their finances should seek advice before seeking credit. The charity says it can tailor advice to ensure you budget your priorities - things like rent, mortgage, council tax and living costs, along with any arrears you need to clear. They can then provide one of a range of debt solutions.

Next steps?

StepChange's online debt advice tool, Debt Remedy, offers an assessment of your budget and tailored debt solution. It’s free, available anytime and you don't have to leave your name.

For further advice visit:


Citizens Advice

National Debtline