Struggling families and individuals are increasingly turning to short term loan providers for help.

The market's expanding with places like Cash Converters saying it's providing a service where the banks are not - giving out 316,000 loans last year alone.

CEO of the Financial Capability Trust Tim Barnett told Mike Hosking he is calling for tighter regulations and laws.

"We're worried that loans companies don't always operate in a moral and ethnical way and we need better legal protection."

LISTEN ABOVE AS TIM BARNETT TALKS TO MIKE HOSKING