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Report: Consumer Protection. This is actually the 7th in a number of reports that review complaints to your CFPB.

Report: Consumer Protection. This is actually the 7th in a number of reports that review complaints to your CFPB.

Predatory Loans & Predatory Loan Complaints

Executive Overview

In this report we explore customer complaints about predatory loans, classified in the database as pay day loans, installment loans, and car name loans.

This is certainly our very very very first are accountable to include an analysis of customer narratives or written explanations of issues — an addition into the database we advocated for with Americans for Financial Reform and accomplished last year.

This report looks at pay day loan complaints from numerous perspectives:

  • The sort of issue, such as for instance loan interest which wasn’t anticipated
  • Complaints by business
  • 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 of this fight to rein within the predatory financing industry and talk about the importance of a rule the CFPB is expected to finalize in 2010.