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If you need money now, then a tax refund advance loan is probably better than a payday loan or a title loans that have exorbitant interest rates, often up to 300% APR.

Musk’s promise of payments between $47 and $100 each to petition signers and referrers in swing states last year was an easy sell for many, but some say payday never came.

For many, the problem isn’t so much lack of financial knowledge as having poor credit and fewer options, falling into murderous interest rates and deeper debt via payday loans and overdraft fees.

Chair of the Treasury Select Committee, Dame Meg Hillier said: "For families and individuals living pay check to pay check, losing access to banking services on payday can be a terrifying experience."

Some victims used credit deals arranged by the fraudsters or expensive payday loans to make the upfront payment.