Payday loans have never been the best way to borrow; they're expensive, all too easy to roll-over and could land you in hot water if you don't clear them right away.

However, the way lenders are looking at payday loans has changed and the reality is that taking out this type of short term, high interest loan could now damage your financial future - even if you pay it off on time.

This week GE Money has openly stated plans to refuse mortgage applications from prospective borrowers that have recently taken out a payday loan. With information about payday loans listed on credit reports it's likely that other lenders will start to take this approach too, if they're not already.

Consequently, taking out a payday loan could have a very real and detrimental impact on your financial future. So I can't stress enough that they should only ever be used as a very last resort and not an easy way to get a bit of cash to play with.

Read our guide: Payday Loans: Are They Ever Worth It? if you've been considering taking one out, and What's the Best Way to Borrow Until Payday if you're short of cash now and need some funds to tide you over.

What else has been happening?

HSBC are the latest 'big bank' to have their dirty deeds thrust into the spotlight

They are being investigated for money laundering by the US Senate. It's expected they'll be found guilty and hit with a fine of almost £650 million as a result.

If you live in the North East and experienced power cuts caused by the recent flooding you can claim compensation from Northern Powergrid

You could be in line for a 'goodwill payment' of £54 if you lost power for more than 24 hours, plus an additional £27 for every 12 hours you were without power thereafter. Fill in the claim form on the Northern Powergrid website asap if you were affected.

O2 mobile have said 2G and 3G services have been reinstated after many customers experienced network downtime

If you had to pay extra for calls or broadband earlier this week because you were unable to use your mobile you should contact O2 to ask for compensation (so remember to keep any receipts). However, if you're still having issues with your phone their advice is to turn it off and on again and contact them if the problem isn't sorted.

The government are creating a new £50 million fund to help wannabe mature students back into education

It's specifically for those with learning difficulties or disabilities, parents that need help with childcare and individuals that used to be in the military and will be available from the Student Loans Company next year.

RBS and Natwest have confirmed that they'll cover costs incurred by customers of other banks that were caused by their computer glitch

They'll also be offering free credit reports to customers that are concerned their credit rating may have been affected by the issues. You should contact your bank if you had problems with payments because of RBS or Natwest.

Customers of Farepak, the failed Christmas savings club, are finally going to receive compensation

Those that lost out will receive 50p back for every £1 they had in savings with the company when it folded in 2006.

The recent flooding could end up costing you even if your home stayed dry

The government are looking at ways to make sure households that weren't so lucky don't become uninsurable. Their current plan involves imposing a 'flood' levy on the home insurance premiums of everyone that lives in a high risk area to subsidise the cost of cover for those that have been previously affected.