Stricter lending criteria by mainstream lenders has pushed some people to other forms of borrowing, such as people who were refused a credit card and are getting payday loans instead.
PricewaterhouseCoopers (PwC) suggested that, given a choice, some consumers now saw these high-cost, short-term loans as a better option.
"Mainstream lenders should be alert to the possibility that what may have begun as a relationship of necessity, may endure as consumers are pleasantly surprised at the convenient and innovative service they receive from these smaller, more agile providers," the report said.
This was backed up by a forecast by the Ernst & Young Item Club, which predicted that this shift to payday lending would continue - especially to poorer borrowers. It described the rise in payday loans as "phenomenal".
"Households that fall outside of the credit terms of traditional lenders are increasingly looking toward other credit providers, regardless of the cost," said Neil Blake, the club's senior economic adviser.
"With banks expected to further tighten lending conditions, we expect the shift towards alternative lenders to continue unabated."
