Payday loans have high-interest rates on loans and can easily make you stuck in debts. It is easy and fast to get a payday loan when you have a financial emergency. As a result payday loans have become very popular. The good news is that based on misspelling by your lender, you can successfully get a refund on your loan.
Here are the reasons that can make you apply for a refund of your loan
Frequent rollovers encouraged by a lender. It applies if you feel that your lender has been deliberately helping you to extend your loan repayment period. In return, you end up accumulating more interests that will benefit your lender and leave in debt
If you qualified for a loan even when you were not supposed to, your lender is supposed to do a thorough investigation before deciding if you are eligible for a loan. It is based mostly on your salary. Sometimes a lender can be drawn towards making a profit and forget to check your salary status. You might have qualified for a loan even if you have a low income.
If the repayment method is not favourable for you, you might have a loan from a payday lender and is subtracted directly from your bank. As a result, you do not get to decide how you want to repay the loan. As a result, you end up barely surviving financially.
If the interest rates of your payday loan increase significantly, when interest rates are high it becomes almost impossible to pay back your loan and be left with some money for other uses. Also, lenders sometimes include fees that may seem vague to you. In such a case you should feel free to put a claim for a refund.
You are unable to communicate with your lender effectively. In this case, your lender may not have proper communication avenues. You may not even be aware of what to do when you have any complaints about your loans. Your lender may also not be in a position to clearly explain to you the repayment process.
So, how do you make a claim?
To make your decision for a claim known to your lender, you can write them a letter. In the letter, you should indicate areas that they have failed to fulfil their part of the deal. You can also mention your views on how to solve the issue so that you can be able to pay back the loans conveniently. With the letter, you should be able to claim with your lender successfully.
There is a chance that the lender may ignore you and fail to reply. If this happens, you should seek services of the financial ombudsman office in your state to help you solve the issue. An officer from this office will be assigned to your case, and they will steer the negotiations between you and your lender. In case you fail to succeed, you can always go to court as a last resort and file your complaint.