Payday loans can help you in a financial emergency, but they also come with very high-interest levels. Payday loan lenders are supposed to follow FCA rules but this doesn’t always happen. If you have been taken advantage of by a payday loan lender you might be eligible for compensation. The right payday loan claim solicitors will help you get the maximum amount of compensation so you can move on with your life and get the relief you need.
If the lender isn’t following the rules and is charging you unfair interest rates you might be able to get compensation. The lender should only make payday loans to people who can afford them. The lender has rules that they are supposed to follow but they don’t always follow them.
If you can’t really afford the loan, the lender should not be making the loan and they can be liable if you can’t pay the loan back. If the loan was not affordable you might be eligible for compensation. You might be eligible for compensation if you meet the following requirements.
How To Tell If Your Loan Is Unaffordable
If you paid the loan off and had to borrow again soon after paying off the loan you might have an unaffordable loan. You also might have an unaffordable loan and be eligible for compensation if you had to borrow from multiple lenders.
If your loans keep getting bigger you might have an unaffordable loan. You might also have an unaffordable loan if you keep making late payments and have trouble keeping up with the payments on the loan.
Another way to tell if you have an unaffordable loan is if the loan is a large part of your income and you are having problems just paying for your daily expenses. Your loan might also be unaffordable if you have to borrow money just to pay the loan back.
If you can prove any of these points, you will be eligible for compensation. A good lawyer will be able to tell if you have a case or not. You can come in for a free consultation so you can find out if you have a case.
If you do have a case you won’t need to pay any money upfront because the solicitor doesn’t get paid until the end. This will allow you to get legal help without having to pay for it upfront. If you are already having financial issues this can be very helpful since you won’t have to come up with the money for the lawyer.
How To Get Started On Your Payday Loan Claim
If you think you might have a case, you need to schedule a free consultation with a lawyer right away. The lawyer will let you know what your case is worth and you can then decide if you want to move forward with your case or not.
Find a solicitor that has a lot of experience with financial claims. If the solicitor thinks you have a claim you will be eligible for different types of compensation including getting all of the interest you have paid refunded and any charges that you had to pay. You also get 8 per cent interest on top of that. If the loan had a negative effect on your credit file the solicitor can have it removed so you have a clean credit history again.
Don’t let the payday loan lender ruin your finances. Consult with a solicitor and find out what your case is worth. You deserve compensation for your trouble. A good solicitor will get you the maximum amount of compensation so you can move on with your life.