best payday loans

Report: Customer Protection.Predatory Loans & Predatory Loan Complaints

Report: Customer Protection.Predatory Loans & Predatory Loan Complaints

Executive Overview

Here is the 7th in a number of reports that review complaints to your CFPB. In this report we explore customer complaints about predatory loans, classified into the database as payday advances, installment loans, and automobile loans.

This will be our very first are accountable to integrate an analysis of consumer narratives or written explanations of dilemmas — an addition to your database we advocated for with Americans for Financial Reform and accomplished last year.

This report discusses cash advance complaints from numerous perspectives:

  • The sort of issue, such as for example loan interest which wasn’t expected
  • Complaints by company
  • Whether and just how businesses taken care of immediately complaints
  • This report carries a area showcasing the CFPB’s top achievements. We also present a history associated with battle to rein into the predatory financing industry and talk about the need for a guideline the CFPB is anticipated to finalize this season.