Payday loans on the rise

PAYDAY LOANS ON THE RISE IN AUSTRALIA:

* 227 per cent more people took out payday loans in Nov 2015 compared to a year earlier

* Two million Australians applied for a short-term loan in 2014 and 2015

* 200,000 more Australians took out a payday loan in 2014-15 compared to a year earlier

* $667 million total borrowings with $239 million interest paid on top

* $502 average loan size

* 112 per cent annualised interest rate, on average

(SOURCE; finder.com.au, The National Credit Providers Association)