WHY CAN I NOW CLAIM ON PAYDAY LOANS?

Payday Loans are highly attractive as they guarantee quick money and seem ideal for emergency situations but in many instances they can be the cause of much distress.

Payday Lender(s) have a duty of care and consideration towards their clients. Therefore they should carry out thorough checks to confirm that their loan is affordable, and the client can in fact pay this back.

Many Payday Loan providers did not effectively follow the checks required, meaning some clients built up vast amounts of unmanageable debt causing huge stress and personal issues.

If you have ever taken out a Payday Loan, then you too could be entitled to compensation.

Image

WHAT ARE PAYDAY LOANS?

Payday loans are relatively small loans lent at a high rate of interest, designed to be taken out over a few days and be repaid once the borrower receives their wages. Payday lending became very popular around 2008 when the UK was facing a recession and there are many reasons why a payday loan could have been mis-sold.

HOW IT WORKS?

Image
Copyright © Reclaim Finance 2021.