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Mis-Sold Payday Loans

Could you claim back mis-sold payday loans?

If you have ever taken out a payday loan, then there is a chance it may have been mis-sold to you. Just as the PPI scandal uncovered millions in mis-sold insurance, there could be thousands of more people eligible for payday loans compensation. Find out below whether you could be one of them - and what you need to do next.

What are payday loans?

A payday loan is a short term loan which gives a small amount of cash for a few days or weeks. Many people take them out in order to cover unexpected costs or stretch their budget a little further, until payday comes around - hence the nickname.

However, they usually carry extortionate rates of interest, sometimes over 1000% of the original value of the loan. Failure to pay can quickly become very expensive. Payday loans are often issued by unscrupulous creditors who offer the cash almost instantly - and who don't pay much heed to the affordability of the loan for the client.

Have you been mis-sold a payday loan?

If a lender has allowed you to take out a payday loan, they should have made sure you could pay it back under all reasonably foreseeable circumstances. For a standard bank loan, the lender would usually make a credit search and require proof of income (such as a permanent job contract). The borrower's age would also be a factor in the approval of the loan.

On the other hand, payday loans are often issued with little to no checks on the borrower's ability to pay it back. Simply being employed is sometimes enough for the cash to be approved in minutes - even if that employment is not sustainable. Loans may also have been issued to people close to retirement, or to people who claim welfare and have an income too low to repay their debt.

Financiers are legally required to lend responsibly: and as a result, we could see a large number of payday loan claims for mis-sold payday loans. It doesn't matter whether the loan has been paid off or you are still making payments, you could have a case for compensation.

Find out what your claim could be worth

If you think you may have been mis-sold a payday loan, you can get in touch with Claims2gain for more information on opening a case. We will give you honest advice on your claim, and if there is a reasonable chance of success then we will be happy to take on your case. Our services are offered on a no win, no fee basis - so you have nothing to lose by getting in touch!

Use the contact form above to make an enquiry, and one of our solicitors will get back to you as soon as possible. After discussing your case, we will talk you through your options, and we can offer representation if you decide to pursue a claim. We have already helped hundreds of clients claim back mis-sold payday loans, and we can do the same for you. Get in touch right away!

Call our Pay Day Loan claims experts now on - 0800 138 8687

How to reclaim from a mis-sold Payday Loan?

If you feel that you have been mis-sold a Payday Loan, then we can help. Please contact Claims2gain today on 0800 138 8200, alternatively if calling from a mobile please call 01942 238214.

We work on a No Win No Fee basis and only charge 30% on any successful claims.

Our no win no fee promise **

  1. We will never ask for any money from you to start your claim. We take our fee's from the conclusion of your successful claim no matter how long or complicated a case it is.
  2. We do everything for you, all you need to do is speak to us and go through any information you have, we will then take care of the rest for you.
  3. Once we have been successful with your claim you get paid before we take our fee.

Why choose Claims2gain

  1. We do everything for you, its easy.
  2. We complete most of the complicated and lengthy paperwork on your behalf.
  3. Millions of £'s reclaimed for our customers already.
  4. Most of our claims are completed and settled within weeks.
  5. Our no win no fee promise.**
  6. You can talk to us any time you want and we provide you with your own dedicated claims handler.
  7. Over 40 Years experience in the financial marketplace.
  8. Read what our customers say about us on our testimonial page, they speak for themselves.

** Our standard fees are 30% + vat of your total claim. If you cancel outside of the 14 days cooling off period, we reserve the right to charge a cancellation fee based on the work completed to the day of cancellation charged at £60+vat per hour to a maximum of £360+vat.