As a nation we are in difficult times, which is why the number of quick loan applications is set to soar this year alone to just under four million.

This projection is also backed by the news that seven per cent of the people surveyed by insolvency expert R3 will consider taking out a quick loan within the next six months.

Quick loans have been given a bad press in some quarters, however, like most loans providing you are able to make the repayments when they are due, they can prove to be a lifeline. Finances will only escalate if you are unable to meet deadlines for payment. They are no different to any other type of loan.

One thing that is recommended before looking into a payday loan however; is sitting down and assessing your finances in the correct way. According to experts, having a budget in place and clamping down on overspending is the best way forward and will help you see your money in a  different light.   Seeking professional financial help is also advised.

According to the personal debt snapshot, over 60 per cent of people in the UK are concerned about their financial situation. This is a sharp increase of 39 per cent on the same time only twelve months previous.

What's even more worrying is that latest figures also highlight a trend for young people looking for a quick fix loan solution. This suggests more and more people are finding it difficult to pay for everyday items and occurrences and shows that the youngest in our society will be some of the hardest hit during these times of austerity.