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Short-term loans are often considered controversial. They are quick and easy to access, as well as being available to people with poor credit, but also tend to carry extremely high interest rates and other charges.

Despite mixed opinion, it is impossible to deny how much the market for short-term loans has expanded in recent years. One of the most common forms of short-term credit, the payday loan, has exploded in popularity. While experts say there are no firm figures to quantify this extremely rapid growth, they have all noted that the sector is continuing to expand.

Much of the popularity of short-term loans comes from their accessibility. Often they are provided by online companies who ask little more than some basic details and that you hold a bank account with a debit card. Crucially, they are also available to people with a less-than-perfect credit record.

But will this expansion continue? Ten years ago, short-term loans were something that were associated with certain sectors of the public, particularly low-income families and those on benefits or with a limited earning potential. However, people of all ages, from all backgrounds, career paths and education levels are starting to consider short-term loans to be a viable credit option.