Borrowers are entitled to request a refund in case of an “unaffordable loan”, even if they have already paid the loan off. The compensation procedure comprises several steps that are described below:
1. Lending by the Mistake
Direct lenders of payday loans are obliged to check the creditworthiness of the customer. In other words, they have to check the ability of the borrower to pay back the funds. In the case of payday loans, customers are forced to make the payment of the lump sum (as well as the payment of the interest) in short terms.
The credit may be considered as “unaffordable” if:
- In the case of a rollover or when the customer applies again in short time limits after the repayment
- The existence of repetitive late payments
- Your obligations from a lender increased in amount
- Obligations are the most part of the customer’s income
Firstly, you need to apply for a copy of the loan, alike detailed information on the terms and conditions of the credit. You should compare your bank statement with the exact period when you applied for the loan and clarify whether you would have been eligible to make payments on your loan and utility bills at the same time.
2. Complaint Against the Lender
There are a great number of specialized organizations that may help you with submitting the complaint against the lenders, however, be informed that it is not free: you should pay compensation when your complaint succeeds. You may also do it on your own by sending an email or write a letter focusing on “unaffordable loans” and request full compensation. Usually, it is up to you, agree with the decision of the lender or not. If you think that the offer of the lender is much less than you targeted, you are free to request more. In general, if a lender rejects the complaint or you are not okay with the second offer of the lender, you should apply to the CFPT Ombudsman office. Lenders are deemed to escape this phase because they are paying federal fees for each complaint, without and difference the complaint is accepted or not.
3. Apply to CFPT Ombudsman
After sending the email or the letter, you may wait for eight weeks and if you do not receive any feedback from the lender you may inform the CFPT Ombudsman about the issue. Lenders also are obliged to inform the borrowers if the complaint is rejected. However, keep in mind, that you are not eligible to complain to the CFPT Ombudsman if the lender company has gone into the administration.
Benefits of Payday Loans
A tremendous number of people barely believe that online payday loans may act as a “lifesaver” for the borrower who has an insufficient credit score. Actually, this misunderstanding is based on the lack of information about the lending sphere. The payday loans may provide an opportunity for being again eligible for quick cash. The payday loan providers (such as Shinyloans.com) created platforms, where borrowers may get acquainted with the offers of the lenders. You may check the available offers from next-day lenders by searching “payday loans near me” or by specifying the exact state where you reside, for example, “payday loans online in Arkansas” or “instant cash in California”. Please do not be misled, as our platform acts only as a linking platform for lenders and borrowers but not in any case as a lender of funds. Same-day online loans are much more convenient for the customers, as they are available in the online version. Simply you can apply by filling out the application at Shinyloans.com.