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Payday loans have suffered from a PR problem in recent years, often being seen as a last resort for people who can't afford to pay them back. Irresponsibly high interest rates have made them an expensive choice, and many companies have found themselves under fire for their flippant advertising techniques.

In April 2014 the Financial Conduct Authority (or FCA) took over regulation of the payday loans industry, prompting many businesses supplying the service to clamp down on the way payday loans were administered. That included, in January of this year, a cap being imposed on the total cost of a payday loan.

The changes mean that if a borrower isn't able to repay his or her debt in a timely fashion, they will never end up paying back more in charges and interest than the sum that they initially borrowed as a payday loan.

It's a positive step in the right direction for an industry that's been plagued by bad press and a poor reputation, and...

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