Executive Summary: Predatory Loans & Predatory Loan Complaints

Executive Summary: Predatory Loans & Predatory Loan Complaints

Here is the 7th in a number of reports that review complaints towards the CFPB. In this report we explore customer complaints about predatory loans, classified when you look at the database as pay day loans, installment loans, and car title loans.

This really is our very very very first are accountable to integrate an analysis of customer narratives or written explanations of dilemmas — an addition to your 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:

  • The kind of issue, such as for example loan interest which wasn’t anticipated
  • Complaints by company
  • Whether and exactly how businesses taken care of immediately complaints

A section is included by this report highlighting the CFPB’s top achievements. We also provide a history for the battle to rein into the predatory financing industry and talk about the importance of a guideline the CFPB is anticipated to finalize this season. Continue reading «Executive Summary: Predatory Loans & Predatory Loan Complaints»