bank lenders

Head for the Hills with These 3 Payday Lenders

The number of bank accounts has decreased by nearly 9 million households since 2021, and according to CNN, nearly a quarter of Americans have used payday loans, pawn shops or rent-to-own services over the past year.

With ever-present storefront and online payday lenders capitalizing on this trend each day, financially strapped borrowers are gaining a wider array of companies to choose from. But even with an increase in selection, some slimy scammers are finding ways to silently seep through the cracks.

With so many payday flavors to pick from, which lenders should leave borrowers pale-faced and making a break for it?
The Sketchy

At the bar, we can all spot a “sketcher” when they walk through.

Sunglasses at night? Check. Polyester Suit? Yep. Grease-slicked hair? You betcha.

Spotting a shady payday lender scam requires a similar kind of review. Are they asking for a fee to obtain the loan? Is the lender’s website without any contact information or credentials, such as a VeriSign identification? Both could be signs of a fraudulent lender.
The Pushy

Many of us have experienced the “Stage 5 Clinger”. Three weeks after meeting and they’re starry-eyed, smitten and pushing an overzealous marriage proposal.

The same kind of problematic pushiness applies to many less-credible lenders. While a bounty of pop-up ads and cheesy advertising can be a blatant sign, check for some more subtle pushes within the fine print. Is the lender promising instant cash for nights out or lavish vacations? A reputable lender should never advertise a fast cash loan to finance the frivolous.
The Ignorant

Although the phrase “you can’t fix stupid” would be a bit harsh to apply to friends and relatives, don’t be afraid to ditch an ignorant payday lender.

Reputable payday lenders should know lending laws in their state and how it relates to their practice. At a storefront lender, is the manager sporting a confused expression when you inquire about fees, rates and policies? Or worse, is the loan agreement unclear or contains blatant errors?

Use your gut instinct when it comes to finding a reputable payday lender. For every scammer there is a reputable lender, so never feel pressured to settle with a questionable company.


Tips On How To Recover Bank Charges?

Prior to the results of the exam case regarding bank charges issues, the regulator (Financial Services Authority) has put hold on reclaiming. However, it is not easy to claim back bank charges now as you can only go back six years and delaying may mean you will not be able to get your money for old charges.

US banks decided to go to the court together with the Office of Fair Trading to clarify the law on current bank charges in July 2018. This is because of the customers?complaint concerning charged rates once they sought to borrow money from the banks without discussing the penalties or that they are being charged unfairly. Ever since then, bank customers tried to reclaim the bank charges they have already paid, quoting a piece of European regulation called the Unfair Terms in Consumer Contracts Regulations 1999 to back up their claims.

It became clear to the banks, the Office of Fair Trading, the Financial Ombudsman and Financial Services Authority that steps needed to be taken into account to handle the significant number of customers?complaint in a fair and orderly method. In the end, the only way this might be dealt was by seeking the court guidance on these areas of law. Due to the considerable public interest, the banks and the Office of Fair Trading thought it was adequately essential for the problems to be fully tested in the court.

Bank charges have been well publicized and are possibly unlawful charges on bank clients. There has been a significant amount of resentment concerning these charges, which range from extra through to bounced cheques and unauthorized borrowing interest. Bank charges exceeds approximately 3 billion pounds to 5 billion pounds every year. In order to effectively recover the bank charges a professional approach must be adopted.

Bank clients themselves can pursue their bank to recover bank charges from them. Recovering the information, preparing for a response and preparing the papers to submit a small claims application can be created through the local county court. However, be wary of any motion or response that you’ll prepare since you may well be questioned if the complaint continues to the small claim court by the judge or the bank’s solicitors.

It is far better to seek the help of a specialist claiming company to help you throughout the bank charges claim process. Your solicitor can help you with all the preparations which are required for the processing of claim. They may also support you in facing court proceedings and will guide you on the next move. The steps involved in recovering bank charges can differ but as a general, the rule average recovery period is around 3 months.