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Are You Eligible for Payday Compensation

A lot of people turned to payday loans in times of need but because of the way the company’s lend loans might be reason to get some of that back to you. Most of the companies lend loans to anyone they wanted at whatever rates they wanted without any reasoning, leading thousands of people to experience financial hardship and misery. According to the report published by the Financial Ombudsman Service in May 2016, complaints against payday lenders have tripled in the past year.

Most customers have a number of issues with payday loan companies and one of the most significant areas of complaint is customers looking for a loan refund. If you’ve borrowed money from a payday loan provider and feel that you might have a case for compensation then you would like to find out if you qualify to claim a refund. Read on to find out the cases which will enable you to get compensation.

The Citizen’s Advice Bureau estimates that more than 76 percent of the people who borrowed money from payday lenders may be qualified to make a refund claim. Hence they suggest customers to take advantage of the new regulations set up by the Financial Conduct Authority (FCA) and "fight back" against unethical practices by the payday loan industry.