A leading quick loan lender has given the latest figures for applications for short term, fast solution finance – and the figures are startling.

Ferratum has revealed that four times as many people applied for a quick loan during the last two weeks than in the entire part of last month. The majority of borrowers were aged between 18 and 35 showing that many young people in society are struggling to make ends meet.

Ian Porter, Ferratum’s sales and marketing manager, who has consistently kept an eye on figures said: “The level of applications has been phenomenal during December and particularly in the past two weeks.”

This suggests that many people have been struggling to pay for Christmas and have sought to ease their woes through quick loan sites that have an easy and straight forward application process. Whilst this worries many debt advisors however, it is a sure sign of the popularity of quick loan sites in the modern day.

A spokesperson for Think Money said: “With Christmas being one of the most expensive times of the year, it’s perhaps unsurprising that increasing numbers of people are borrowing cash to cover the cost.”

Ferratum have estimated that around two million people in the country have already applied for a quick loan in the last fortnight. The numbers are expected to rise even higher as people look to pay off their Christmas debts after the New Year. A recent forecast that was highlighted for the next six months also shows that around 3.5 million people will apply for this kind of loan – one of the highest figures to date.