Payday Loans have become increasingly popular over the last few years here in the UK and for the first time last Christmas it was almost impossible to avoid seeing these loans making the news headlines. A group of insolvency experts (R3) in fact at Christmas stated that millions of people across the UK will be taking out payday loans over the next 6 months. From studying recent search engine statistics provided by Google it is clear that all payday loan related terms are consistently rising in volume and so the great demand is more than ever evident. New payday loan lenders are always venturing into this lucrative industry. This is certainly a lucrative industry as well with the BBC’s correspondent Andrew Hosken recently reporting that payday loan companies are now a £2bn-a-year business. Despite the recent calls for tighter regulations, it looks like 2012 will be a big year for payday loans with no such new enforced regulations on the pipeline in regards to perhaps APR and rollover restrictions.