Quick Lending Stream Compensation Being Seen By TheClaimsGuide.com

TheClaimsGuide.com check your credit file for previous loans and you decide which lenders you want to make a claim against. Lending Stream has made many unaffordable loans and TheClaimsGuide.com are seeing quick payouts for complaints against them.
CAMBRIDGE, U.K. - Jan. 24, 2022 - PRLog -- Since the introduction of high-cost loans, lenders have been able to make large profits by lending to borrowers at extortionate interest rates. This led to huge profits for the lenders who expanded aggressively. The main issue with this was that many individuals that resort to using high-cost loans, do so because they can't really afford to borrow, which is why the low-cost lenders won't lend to them.

The Financial Ombudsman (FOS) states "being able to sustainably repay credit is described as doing so without undue difficulty, while being able to meet other commitments and without having to borrow further."

In order to expand, many lenders did not make sure they properly checked the loan was affordable. This should be done not just based on the borrower's responses to income and expenditure as this can often be misstated, or they may fudge the truth because they are so desperate. Lenders should be making further checks (e.g. viewing bank statements) to make sure the borrower isn't getting into financial difficulty.

The claims made against the high-cost lender for irresponsible lending have led to financial difficulties of many high-cost lenders who were previously very profitable. This includes the high-profile collapse of payday lender Wonga and ongoing difficulties with guarantor lender Amigo Loans, who are trying to set up a scheme to survive.

Among the lenders with a high uphold rate by FOS, who make the final decision on any disputed claim, is Lending Stream. Lending stream is a high-cost payday lender. They can offer short-term loans of £1,500 and their APR can be as high as 1,333%. In their latest numbers, the FOS upheld 70% of complaints against Lending Streams owner Gain Credit LLC, compared to an average of 47% for all banking and credit claims.

TheClaimsGuide.com help with claims against nearly every high-cost lender for a fee on a no win no fee basis (Individuals can also make a complaint to a lender for free). After the complaint has been made the lender has 8 weeks to respond to a complaint. However, if nothing is agreed and it complaint gets escalated to FOS, it can take many months more. TheClaimsGuide.com is seeing quick settlements and payouts for many Lending Stream claims, meaning more customers don't have to wait long periods to receive their compensation.

Claims against Lending Stream and many other lenders can be made from https://www.theclaimsguide.com or https://www.theclaimsguide.com/lending-stream.
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