Amount of money borrowed by workers using payday loans triples in 18 months

The amount of money lent by payday loans has tripled over the last 18 months, showing that the demand for payday loans is on the rise, says new research.

According to thisismoney.co.uk, research on 4,087 workers from union Unite has found that two-thirds run out of money three weeks after they've been paid, leaving many to turn to payday lenders for help.

One in eight of those workers are choosing to borrow money from a short-term lender in order to cover costs up until they get paid.

In March 2012, workers were borrowing an average of