Wonga.com, a UK internet loans company, is seeing its business boom in the downturn. With banks reluctant to lend and credit card interest rates rising, thousands of people are coming to the start-up website each month for short-term loans.

The company expects to have made more than 100,000 loans by the beginning of next month. Although the loan sizes are small – on average about £200 – Wonga will have lent about £20m since it opened for business just 10 months ago. The company expects revenue of some £15m this year and is already profitable.