Analysis of Payday Complaints Reveals Need for More Powerful Federal Protections

Analysis of Payday Complaints Reveals Need for More Powerful Federal Protections

Customer complaints about pay day loans towards the Customer Financial Protection Bureau (CFPB) show a need that is critical strengthening the agency’s proposed guideline to rein in payday advances as well as other high-cost lending, according to a written report released today by the Illinois PIRG Education Fund.

“Our analysis of written complaints to your CFPB discovered significant proof of the significant problem with pay day loans: borrowers can’t manage these loans and wind up caught in a period of financial obligation. Ninety-one per cent (91%) of written complaints had been linked to unaffordability,” said Abraham Scarr, Director for the Illinois PIRG Education Fund.

Some findings that are key

  • Ninety-one % (91%) of all of the written explanations revealed indications of unaffordability, including abusive business collection agencies techniques, banking account closures, long-lasting rounds of financial obligation, and bank charges like overdraft costs because of collection efforts.
  • The database reveals difficulties with a complete spectrum of predatory services and products, including storefronts and online loan providers, short-term payday, long-lasting payday installment loans, and automobile name loans. Continue reading “Analysis of Payday Complaints Reveals Need for More Powerful Federal Protections”

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