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Payday Loan Claim

What is a Payday Loan?

A payday loan is a form of borrowing on a short term basis but usually with very high costs. For example if you needed to borrow £200 in an emergency, you would then set a date to repay the full amount (usually within 38 days) plus interest. This type of borrowing does have some benefits enabling access to quick and easy cash, making them highly attractive to borrowers in emergencies.

Payday loans before the 2nd January 2015 had extortionate interest rates, some companies were charging 7000% interest. After the 2nd January 2015 Payday Loan companies have had the interest they can charge capped at 0.8% per day of the amount borrowed forcing a lot of Payday Loan companies to close.

Payday loan companies must carry out effective checks to confirm that the loan is affordable and they have a duty of care towards anyone applying. This would mean any fees or charges that could be incurred must be clearly explained and checking the financial background of any applications.

Do I Qualify for a Payday Loan Compensation Claim?

You may have been mis-sold your payday loan if any of the following statements are relevant to you:

  • Charges and fees were not made clear to me by my payday lender.
  • I had to borrow from another payday lender to pay off my initial loan.
  • My initial loan was repeatedly rolled-over. In either case this shows that you could not afford to take out your initial loan.
  • I took out several payday loans from the same lender just to make repayments.
  • On repayment of my loan, I could not afford to buy food or pay my bills because the loan was a large portion of my income.

How Much Payday Loan Compensation am I Entitled To?

  • A full refund of interest and charges paid plus statutory interest of 8%.
  • “Unaffordable” loans to be deleted from your credit records;
  • And any existing balance to be written off.

Why use My Claim Solved for your Payday Loan claim?

My Claim Solved is regulated by the claims management regulator in respect of regulated claims activity, we operate a "no win, no fee service*" and charge no hidden fees for using our service.

We have successfully secured over £25 Million of compensation for our clients.

We have secured compensation amounts from as little as £1 to as much as £118,000.

We have a team of dedicated and trained claims handlers specialising in these claims, they put you first and fight your corner to secure you the compensation you are entitled to.

We are one of the leading claims management companies in the UK, we have strong relationships with a number of the biggest providers.

*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.

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