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Information Launch Review of Payday Complaints Reveals Requirement For More Powerful Federal Protections

Information Launch Review of Payday Complaints Reveals Requirement For More Powerful Federal Protections

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Report: Review of Payday Complaints Reveals Requirement For More Powerful Federal Protections

CONTACT:Mike Litt, U.S. PIRG Education Fund workplace: (202) 461-3830 Cell: (702) 427-1608mlitt@pirg.org

Report: Review of Payday Complaints Reveals Requirement For More Powerful Federal Protections

Washington, D.C. – customer complaints about payday advances towards the customer Financial Protection Bureau (CFPB) reveal a need that is critical strengthening the agency’s proposed guideline to rein in pay day loans along with other high-cost financing, relating to a report released today by the U.S. PIRG Education Fund.

“Our analysis of written complaints to your CFPB discovered significant proof of the significant problem with payday advances: borrowers can’t manage these loans and find yourself caught in a period of financial obligation. Ninety-one per cent (91%) of written complaints had been pertaining to unaffordability,” said Mike Litt, Consumer Advocate with all the U.S. PIRG Education Fund.

Some key findings:

  • Ninety-one % (91%) of most written explanations revealed indications of unaffordability, including abusive commercial collection agency techniques, banking account closures, long-lasting rounds of financial obligation, and bank charges like overdraft costs as a result of collection efforts.
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  • The database reveals issues wi