Those with banking jobs ''can advise on payday loans''

Payday loans may seem like an attractive option due to the "flashy advertising" such firms use to market themselves with and the fact that finance can be accessed quickly.

However, Mark Lyonette, chief executive of the Association of British Credit Unions, has urged consumers to approach those with banking jobs in London for advice on the products before they take out such a loan.

"Before looking at a payday loan, people should contact their local credit union or talk to their existing bank to see how they can help," he explained.

This is because such finance can end up working out to be expensive in the long-run and people should work on managing their finances and examining their budget before they take such a step, Mr Lyonette explained.

Recent research by Consumer Focus revealed that the number of payday loans being taken out has quadrupled over the past four years.