With three or four-figure interest rates, debt can quickly spiral out of control if you do not keep up repayments on a payday loan. A reliance on payday lenders could be seen as an indicator of poor financial management and a string of short-term high interest loans on your credit file could make it harder to get more affordable credit.

Don’t be tempted by high-street ‘buy now pay later’ stores. These pay-weekly shops often sell products at massive markups under the promise of affordable weekly payments. It will cost you more if you use these stores.