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