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 such as 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 full refund of interest and charges paid plus statutory interest of 8%.
  • "Unaffordable" loans to be deleted from your credit records;
  • Any existing balance to be written off.
  • 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've successfully secured over £25 Million of compensation for our clients.
  • We have a team of dedicated and trained claims handlers specialising in Payday Loan claims who will put you first and fight your corner to secure the compensation you're entitled to.
  • We're one of the leading claims management companies in the UK, having strong relationships with 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 (after a 14 day cooling off period expired) Our charges will be calculated by reference to the time spent by us in investigating and pursuing the Claim on your behalf up to the date the Contract ended, which shall be charged for in units of 6 minutes at the rate of £80 per hour + VAT (i.e. 10 units of 6 minutes make up 1 hour).