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Payday loan companies must uphold a sense of care for anyone applying by educating them sufficiently, to avoid issues with repayment.
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Have you been stuck in a trap trying to make repayment for a payday loan for a while now? • Well, you can get the long deserved justice for the unfairness of it all. And it all starts here with us.
For many years, payday loan companies had free rein, and their operations were not under any strict regulations. They could afford to lend money to whom they choose, and at outrageous rates too. The excesses of payday loan companies made people who take up their offer to bear the financial pain.
Initially, before 2nd January 2015, payday loans were charging exorbitant interest rates with some companies hiking their interest to the tune of 7000% rate. However, many of these payday loan companies were forced to close down due to the new stipulation to cap the interest they can charge at 0.8% per day for the total amount borrowed.
For obvious reasons, some lenders urge customers to roll over a debt owed or to extend repayment, which invariably increases the amount of interest accruable to the loan. They merely want you to continue paying the interest rates.
But help is here!A payday loan is borrowing for a short period which attracts high costs in the form of interest rates. For instance, if you had an urgent need for £1000 during an emergency, then you have to fix a date to make repayment in full amount including the interests all within 38 days.
From the foregoing, it follows that payday loans are meant to be solely on a short-term basis because they were designed to cover for any sudden or unanticipated expenses which are beyond your normal income. If you were not properly advised and guided on the essence of payday loans with the intent of avoiding long-term borrowing, then you could claim compensation.
Payday loan companies must uphold a sense of care for anyone applying by educating them sufficiently, to avoid issues with repayment.
They must conduct effective checks to confirm if the loan is affordable and the person requesting a loan can conveniently payback with the interest rates attached.
There are several procedures which ought to be in place before you take up a payday loan. So, when deviations occur, it figures that the necessary checks were not conducted before the credit was issued.
Criteria to qualify for Payday compensation claims Now the question is "do you qualify to receive compensation for a Payday loan?"
It’s appropriate to apply for compensation claims if any of the following assertions are relevant to you:• Your Payday lender didn’t clarify the implication of the charges and fees structure.• You borrow funds from another Payday lender to pay off the previous loan.• You couldn’t afford to borrow the previous loan as repayment was rolled-over continually each month.• Repayment of the loan cuts a huge chunk off your income, and it grossly affects your livelihood.
So before you go for the next payday loan, please get your facts right. And what is more? We could assist you to get a complete refund of the interest and charges applicable to the loan you borrowed, as well as ensuring unaffordable loans are taken off your credit records.
We are transparent in our services with no hidden fees or high charges. We have successfully assisted several clients to claim compensation for payday loans. However, we may need relevant details and information from you regarding the loan to make a strong case. As a reputable claims management company in the UK, it beholds on us to maintain a good relationship with our clients, and our record sets us apart from the crowd.
Thanks! Any questions? You can find me at https://www.redbridgefinance.co.uk/
