My Quick Loan & payday Loan Statistics
My Quick Loan Statistics
- In 2022 MyQuickLoan saw a jump in people looking for quick loans. UK Google search volume for the words “Quick Loans” in 2021 was around 8,000 searches per month, compared to 2022 which went up to 14,000 searches per month. It seems due to the cost of living that more people were in demand for quick loans.
- Over the last 2 years the search term in Google ‘payday loans’ is most popular in the month of June. Around 92,000 people are searching for the words ‘payday loans’ in the summer month. October is the quietest month with around 72,000 searches.
- More consumers are clicking on Ads than ever before. For the search term ‘payday loans’ 37% clicked on the organic pages only, 14% on organic and paid pages, 27% on Ad pages only, and 22% on no clicks at all. This has changed significantly. Organic used to be around 51% and paid Ads 17%.
- My Quick Loan estimates over 1 million consumers apply for a payday loan / short-term loan every month. This number could even be higher in December when consumers are searching for Christmas loans.
Here are a few statistics about the payday loan industry in the UK over the last 10 years:
- According to the Financial Conduct Authority (FCA), the total number of quick payday loans taken out in the UK peaked in 2013, with around 2 million loans being issued that year.
- In 2014, the FCA introduced new regulations on payday lending, which included caps on the total cost of a payday loan and stricter affordability checks for borrowers. As a result, the number of payday loans taken out in the UK declined significantly, falling to around 1.4 million in 2015.
- In 2020, the total value of payday loans in the UK was £2.7 billion, according to the FCA. This was a significant decline from the peak in 2013 when the total value of payday loans was around £2.8 billion.
- In 2021, the FCA reported that the total number of payday loans taken out in the UK had fallen to around 1.3 million, the lowest level in over a decade.
- According to a survey by the Citizens Advice Bureau, the most common reason people take out payday loans in the UK is to cover unexpected expenses or emergencies. Other common reasons include paying for household bills and covering short-term cash flow issues.
- In 2022 we estimate that one in 12 people are using credit to buy the basics such as bills, food, and toiletries.
These online short term loans statistics were accurate on the date January 2023, please be aware they might have changed since then.
You can apply for a £100 loan up to £5,000 loan with My Quick Loan, you can apply today using our quick online form.