Day: March 5, 2017
Nowadays, payday loans are very popular to individuals who do not want to go through long processes of getting loans. This kind of loans are quickly processed and therefore come in handy even in situations that seem urgent. However, if you are not careful with where you get these loans, you could end up being charged very high-interest rates which can eventually put you into more debt.
In some recent reports, there has been an increase in the number of people complaining about the payday loans. A good number of people on realizing irregularities are taking action to get compensation. It may seem impossible, but there are a number of ways you can qualify to make a complaint and actually enjoy payday loan refunds.
- Fraudulent loans – They are some of the most common among complainants seeking refunds. It is possible for the payday loans to be taken out in your name fraudulently. It is the responsibility of the lender to verify the identity of the customer before approving the loans, but most are not that careful hence the many cases around this issue. If you start getting harassed for a loan, you have no idea about, you have every right to look into the matter.
- Unclear repayment – Repayment defaulting can get serious because your debt just keeps on piling in terms of interests and any other charges attracted by the failure to pay. As an applicant, you should get very clear terms of how to pay back the loan including the fees and timeframe. Before you take up the loans you should know the exact total you need to pay back and within what time. When such important information is hidden from you, you can make a complaint to have the extra charges refunded or unreasonable debts taken off your payday loan.
- Recurring payments – Payday loan providers collect their payment through bank requests. Most use continuous payment authority and you should ensure that you are aware of what this is and you can cancel it. A good lender should also notify you before taking the money out of your bank. There are lenders who keep trying to get access to the funds throughout the day and this translates into huge bank charges for you at the end of the day. You can lay claim of such to have some of the charges offset by the lender.
- Financial situation – You may be in need of the loan, but it is really up to the lender to determine how qualified you are in terms of repaying the loan on time. Your income, employment, mental health, age, credit history, and identity are some of the serious checks the lender should check before approving the payday loans. In case you are unable to repay and the lender overlooked all details with regard to your financial situation, you may actually qualify for a refund.
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