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.

*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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