Struggling Aussies turning to payday lenders.

An increasing amount of Australians restricted from owning a basic bank account and other essential financial services are turning to expensive pay day loans as a solution to their money problems, reports the News Limited Network.

A recent survey by The Centre for Social Impact and the NAB has found that 17.7 percent, almost 1 in 5 Australians, were excluded from essential financial services such as a bank account, credit card or insurance last year, up from 14.7 percent in 2008.

The survey found that a bank account now costs an average of $85 in monthly fees and foreign ATM withdrawals each year, a credit card an average of $711 and $943 for basic home contents and car insurance. All three basic financial services adding up to a total $1739 each year.

Consumer Advocates are concerned that those such as migrants, young people and the 'working poor' are increasingly being forced to turn to payday lenders, who can charge as much as 400 - 600 percent interest over a year for their services.

"The fact that there is a demand out there for it in Australia shows that the mainstream banking system is failing these people," said NAB head of personal banking, Gavin Slater, about payday lenders. "It's unacceptable in today's society that people end up having to do that."

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