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Almost 1,500 people are made unemployed every day, according to a report, meaning that taking out a loan to see them through financially unstable times may be action that many take.

Indeed, an average of 1,490 each day lost their jobs in the three months prior to last October, Credit Action reveals.

The Chartered Institute of Personnel and Development claims that this will increase to an average of 1,644 each day during the next 12 months.

Furthermore, Credit Action states that "the British Chamber of Commerce estimates that over the next two years, UK unemployment will rise to a peak of 3.1 million, some ten per cent of the workforce".

And around 18,000 credit card applications are rejected each day, the report continues, which may mean borrowers have to find credit from other sources, such as secured loans.

In related news, it was recently suggested by Sainsbury's Finance that people are turning away from debit cards and using credit to pay their way.