Payday lenders report finds 100,000 Glaswegians borrowed £57m Around 100,000 Glasgow residents borrowed £57m from payday lenders last year, a study has found. The research by Glasgow City Council has prompted the local authority to create a scheme where £10 will be deposited in a community credit union account for every new secondary school student in the city. This is part of an attempt to prevent young people from using payday loan companies, pawnbroking services and other high interest lenders in Glasgow. As a result of the study, which was announced on Thursday, the council has also committed to not leasing any of its properties to payday lenders, while it is working to ensure the £13bn Strathclyde Pension Fund does not invest directly in the trade. City Treasurer Councillor Paul Rooney leads the cross-party group that has been examining Glasgow's non-standard credit market since late last year. He said: "There has been some important work done at a national level, but this is the most significant research anyone has done on the extent and the impact of payday lending in one community. I think we all suspected that the use of these loans would be relatively high in Glasgow, but the figures are startling. Glaswegians borrowed more than £57 million this way in the last year - and around 100,000 adults are using some sort of non standard credit. To put that in context, it is enough people to fill Celtic Park and Ibrox at the same time. If you do not have a payday loan - someone you know does. The board found several examples of the affect on payday loans on resident's lives, including one man who used loans to finance a gambling spree and managed to borrow from one high street lender three times in the one day. One woman borrowed £1500 from seven different lenders over a period of a few days. Only one made any attempt to verify her employment status and income. Another, having taken an initial loan to cover a one-off emergency, was stuck in a cycle of borrowing and paying off new debt equal to her total income every two weeks. The council found its evidence suggested many of those struggling with payday loans would have been better served by a credit union, but borrowers believed that it would be harder to get money from them.