Half of all short-term borrowers happy with payday loan service

ALMOST half of people resorting to payday loans would describe their experience as positive, new research showed yesterday.

The poll of 2,000 Brits, carried out by comparison site uSwitch.com, also said that one in three of these borrowers would take out payday loans again, while 29 per cent regret taking out the loan.

Short-term lenders have defended their practices after coming under fire from the Archbishop of Canterbury a fortnight ago.

More than one in four of those polled, including those who have never taken out a payday loan, admitted to borrowing to cover day-to-day living costs.

However, 53 per cent said payday loans need to be better regulated, and 45 per cent called for a ban.