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However, many of these - such as Wonga - have been regulated out of business, after concerns that they were causing severe financial distress to consumers.

With more people struggling this year, and payday loan companies such as Wonga and Quickquid no longer operating, the concern is that more people will turn to illegal lenders to make ends meet.

The last time the committee found an MP to be in contempt of Parliament was in 2018 when it recommended suspending Justin Tomlinson for two days after he leaked a select committee report to the payday lending company Wonga.

The business is the last sub-prime lender in the market after leading brand Wonga went under.

Klarna chief executive and co-founder Sebastian Siemiatkowski told the BBC it upset him when his company is compared to defunct payday loans firm Wonga.