Payday Loan Refunds

Why a payday lender claim is possible

In January 2015 the FCA brought in new rules that capped the amount payday lenders are able to charge.

• Cost cap of 0.8% interest a day
• Default fees capped at £15
• Total cost cap of 100%
  (Meaning borrowers never have to pay back more in fees and interest than the amount borrowed)

Before 2015, lenders were charging many thousands of percent APR, charging borrowers huge amounts for defaulting on a payment and subsequently charging many times more than the initial amount lent.

Start your free check now to see if you can claim compensation on a payday loan.

Some of the lenders we can claim from

Am I able to claim?

• Was the payday loan used to pay off other debt?
• Was the lender unclear about exactly how much the full loan would cost?
• Were the monthly repayments too high and left you short each month for other bills and needs?
• Did the lender not make the proper affordability checks to make sure you could afford to clear this loan without going into arrears?
• Did your loan roll from month to month?
• Did you have to borrow from another lender to pay off the initial payday loan?
• Did the lender take out automatic payments?
• Did the lender encourage you to borrow more?

If you answered Yes to any of the above questions, you could be owed £1000's in compensation.

What could I be due?

• A full refund of the initial loan amount
• A refund of the interest paid on on the loan
• An additional 8% interest for every year that has passed since you were mis-sold the policy