Relevant facts about Payday Loan
• 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
• 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
• 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
• 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
• 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
• 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.
Payday Loan and Compensation