Compensation against miss sold Payday loans and rolled over loans compensated interest on sliding scale.

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Compensation against miss sold Payday loans and rolled over loans compensated interest on sliding scale.

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The payday loan lenders largely rely and arguably take advantage on many unfortunate people not being able to pay off their original loans on time, forcing them to take out new loans on a roll over basis. There comes a period where a short term loan should be converted into a standard loan of reasonable interest. Payday loans are general seen to be and often described as one-off short term loans to tide you over until ‘payday’ (hence the name) when they can be paid off in full. However, up to half of payday lenders' revenue came from loans that last for far longer periods than the intended.

This e-petition calls for the compensation of miss sold Payday loans and rolled over loans that lasted longer than the intended 30 days shall be compensated on a sliding scale of compensation on interest charged until within a reasonable period to a rate of interest in line with a reasonable rate similarly charged by a high street bank for an unsecured loan.

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