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Is It Possible To Get A Payday Loan Refund?

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Payday loans offer quick financial fixes to individuals who do not want to go through long processes of getting loans. They are quickly processed and therefore come in handy even in situations that seem urgent. However, if you are not careful with where you get these loans, you could end up being charged very high interest rates which can eventually put you into more debt.

In recent times there have been an increase in the number of people complaining about the payday loans. A good number of people on realizing irregularities are taking action to get compensation. It may seem impossible, but there are a number of ways you can qualify to make a complaint and actually enjoy payday loan refunds.

1. Fraudulent loans – They are some of the most common among complainants seeking refunds. It is possible for the payday loans to be taken out in your name fraudulently. It is the responsibility of lender to verify identity of customer before approving the loans, but most are not that careful hence the many cases around this issue. If you start getting harassed for a loan, you have no idea about, you have every right to look into the matter. You can try to settle things with the lender or you can directly deal with the financial ombudsman service to get the assistance you need.

2. Unclear repayment – Repayment defaulting can get serious because your debt just keeps on piling in terms of interests and any other charges attracted by the failure to pay. As an applicant, you should get very clear terms of how to pay back the loan including the fees and timeframe. Before you take up the loans you should know the exact total you need to pay back and within what time. When such important information is hidden from you, you can make a complaint to have the extra charges refunded or unreasonable debts taken off your payday loan.

3. Recurring payments – Payday loan providers collect their payment through bank requests. Most use continuous payment authority and you should ensure that you are aware of what this is and you can cancel it. A good lender should also notify you before taking the money out of your bank. There are lenders who keep trying to get access to the funds throughout the day and this translates into huge bank charges for you at the end of the day. You can lay claim of such to have some of the charges offset by the lender.

4. Financial situation – You may be in need of the loan, but it is really up to the lender to determine how qualified you are in terms of repaying the loan on time. Your income, employment, mental health, age, credit history and identity are some of the serious checks the lender should check before approving the payday loans. In case you are unable to repay and the lender overlooked all details with regard to your financial situation, you may actually qualify for a refund.

5. Higher interest rates – Most people when taking out payday loans rarely pay attention to the interest rates. A desperate financial situation can make you ignore such hence end up being charged interest rates that are unfairly high making it harder for you to repay the loan. Lenders are limited to cost cap of around 0.8% of the total about borrowed. This should be inclusive of interest and any other fees applicable to the payday loan. If you are a keen borrower, you will be able to tell when the interests are excessive as well as the fees and this way you can claim for a refund from your lender.

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Bitcoin

Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

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Bear with red arrow threatening man with piggybank

Bitcoin has now broken down past $38,000 for the first time in over four months. This is a crucial point for the digital asset given that it has successfully maintained its position above this level throughout all of the crashes and dips of the previous month. While most would like to think that this is only a temporary setback that will soon be resolved, analyst Nicholas Merten has warned investors to brace for even more volatility.

Prepare For Further Downside

In a recent video on his YouTube channel, Merten shared with his over 87K subscribers some gloomy analysis surrounding bitcoin. The analyst starts out by acknowledging what most have experienced in the market, believing that the recent rebound was a telltale sign of more upside to come. However, this could not have been more wrong as the digital asset has suffered even more dips following that.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Merten pointed out the fact that the gains realized from when bitcoin jumped from $41k to $44k have quickly faded and that there is not a lot of significant support ranges as the digital asset makes its way down with the downtrend.

He predicts some major volatility that will drag the price down to levels not seen in about a year. Comparing the market to that of May 2020, which would see the price fall to the $29,000 range. “It’s just likely at this point that we repeat what we saw back in May to some degree,” he said. “Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.”

The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts.

BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com

Still Bullish On Bitcoin

The fact that Merten relayed such a gloomy diagnosis for bitcoin in the short term does not mean that the analyst is particularly bearish in the long term. He explained that despite the market showing bearish trends, he remains a bitcoin bull.

“We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.”

Related Reading | I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals

Additionally, Merten reiterates the fact that the market is still in a bull trend. Usually when prices start declining as fast as they are now, panic spreads across the space as most believe the bull market is over. For Mertern, this is not the case. He explains that just as a downward correction is likely, bitcoin could very well switch up and head towards the $150K to $200K range.

“I believe that we’re still in a bull market, not a bear market. It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.”

At the time of writing, bitcoin’s price is down 9.61% to be trading at $37,945.

Featured image from Medium, chart from TradingView.com
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Bitcoin (BTC) Price Fumbles, Loses 10.32% in Last 24 Hours!

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Bitcoin (BTC) Price Fumbles, Loses 10.32% in Last 24 Hours!