As you take out a payday loan, it is likely that your only concern is the amount of interest that will be put on your loan. No matter how well payday loan companies try to market their same day loans for the employed and other target groups, they are still far from being perfect. This means that as the borrower, you have to be knowledgeable and prepared enough in case something goes wrong with your personal loan. If you ever have complaints about your payday loan lender, there are some things you can do.
How To Go about Your Payday Loan Complaints
Get in touch with your loan provider.
Before anything else, you should try to discuss with your lender any issues you may be having against them. You may initially call their office and speak with any representative about your problem with same day loans from your lender. Every time you make a call, take down notes of who you spoke with and the date and time of your call. This information will be important later on should you decide to go on and write a formal complaint. Among the most common concerns of borrowers are billing errors, unnecessary collections emails or phone calls, and sales emails and calls.
Send a formal letter to the payday loan lender.
If you have tried calling or sending an email to the lending company about the issues with same day loans you have but received no response, you had better write a formal letter of complaint to the lender. Make sure that your letter clearly states what you are complaining about. See to it also that it includes the important details, such as the times, dates as well as the names of people you have spoken to about your problem.
To get the attention of the lending company, demand a response to your letter within seven working days. It would be better also to send the letter through certified US mail for you to receive a confirmation of the delivery of the mail. Typically, you should allow 14 days for the lending company to reply to your letter.
Write another letter to the lender.
If you have not received any response from the lending company 14 days after you sent it, you should start writing a second certified letter. This time, your letter should contain a photocopy of your first complaint letter, a photocopy of the mail receipt of the first letter, and a note reminding the lender that it is already your second letter. You should also indicate that you will be taking legal action if they still fail to communicate with you within five working days.
Get a lawyer to lodge a formal complaint.
If you think you have done everything that you can to call your lender’s attention, but if you still have not heard back from them, it may be time that you got some legal help. You can lodge a complaint to the state department that regulates payday loan companies. You may also do the same by calling the federal government agency. Finally, you can consult a legal professional to get an idea about what you can file against the lender that offered you same day loans for the employed. Any of these will surely call the lender’s attention to immediately resolve your issues with them.