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Executive Overview: Predatory Loans & Predatory Loan Complaints

Executive Overview: 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, classified when you look at the database as pay day loans, installment loans, and car name loans.

This might be our very very first are accountable to integrate an analysis of customer narratives or written explanations of dilemmas — an addition towards the database we advocated for with Americans for Financial Reform and accomplished year that is last.

This report discusses cash advance complaints from numerous perspectives:

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

This report features a part showcasing the CFPB’s top achievements. We also provide a history associated with fight to rein into the predatory lending industry and talk about the importance of a rule the CFPB is anticipated to finalize this season.