When To Complain About Your Payday Lender

A lot of people look for payday loan lenders because they want to get a loan when no one else would lend money to them. But sometimes, people tend to make wrong assumptions about payday loan. They believe companies offering it are there to help them. However, the reality is payday lending companies are also out there to make money.

If you are not satisfied with your lender or if you have a bad experience with them and if there’s reasonable ground, you can always file a complaint. For example, if the lender didn’t provide a clear explanation on how much you would need to pay after taking a loan, where and how to pay it back. Another possible reason would include, not explaining what they should take into account like age, financial history, income, expenditure, etc; failing to explain payday loan is for short term borrowing, company failed to address your concern, didn’t explain the possible fees and charges, didn’t explain where they get your money and many other things they haven’t explain.

Furthermore, you can also complain when you have problems in repaying your loan. If the company is not sympathetic and didn’t freeze the charges and interest rates even though you are paying on time. File a complaint if the company is pressuring you to pay the loan or extend your loan. Complain if they are forceful and are harassing you already. You can also file a complaint if the loan and the lender’s pressuring are affecting you and your family’s life. Most of all, file a complaint if the debt is no longer out of your control. If you want to know where to make a complaint, you can always direct it to the payday lending company, Financial Ombudsman, Better Business Bureau.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>