Predatory Loans & Predatory Loan Complaints
This is actually the 7th in a number of reports that review complaints towards the CFPB. In this report we explore customer complaints about predatory loans, categorized into the database as pay day loans, installment loans, and car name loans.
This is certainly our very very first are accountable to include an analysis of consumer narratives or written explanations of issues вЂ” an addition towards the database we advocated for with Americans for Financial Reform and accomplished year that is last.
This report discusses pay day loan complaints from numerous perspectives:
A section is included by this report showcasing the CFPBвЂ™s top achievements. We also provide a history for the battle to rein into the lending that is predatory and talk about the need for a guideline the CFPB is anticipated to finalize this current year. We offer suggestions for this guideline, along with improvements the CFPB can make to improve the problem database and its own focus on behalf of customers.
Consumers have actually submitted almost 10,000 complaints in the pay day loan groups regarding the database in less than 36 months.
Over fifty percent the complaints had been submitted about simply 15 businesses. Read More