Pay Day Loan Providers
Ever Had A Payday Loan?
Ever Taken Refinanced It To Borrow More?
Then your not the only one! We believe that millions of consumers just like you fell in the trap of borrowing money that at the time you thought you could repay but then borrowed more and more.
If you did, then just like those consumers you could be due a refund!
The Law Has Changed!
From 2nd January 2015 pay day loan providers were forced to follow new rules.
The changes brought to protect consumers from the Financial Conduct Authority included:
- An initial ‘Cost Cap’ – This means the most a lender can charge you on the initial cost of the loan, including fees and interest must not exceed 0.8% per day.
- £15 Default Fee Cap – If you miss a payment, you will likely to receive a default fee. This has now been limited to £15
- 100% Total Cap – This means no matter what happens, you will never pay more than the same amount you borrowed back in interest and charges. For example; £100 loan can never exceed a £200 repayment including any charges and interest.