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Executive Summary: Predatory Loans & Predatory Loan Complaints

This is actually the 7th in a few reports that review complaints into the CFPB. In this report we explore customer complaints about predatory loans, classified into the database as pay day loans, installment loans, and automobile name loans.

It is our very very first are accountable to include an analysis of customer narratives or written explanations of issues — 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 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 accomplishments. We also present a history for the battle to rein into the lending that is predatory and talk about the importance of a guideline the CFPB is anticipated to finalize this season. We offer strategies for this rule, along with improvements the CFPB can make to boost the grievance database and its own work with behalf of customers.

Findings

Customers have actually submitted almost 10,000 complaints into the loan that is payday regarding the database within just 3 years.

Over fifty percent the complaints had been submitted about simply 15 companies. One other half the complaints had been spread across 626 businesses. (See Dining Table ES-1. )

Complaints against these 15 companies cover issues with a full spectrum of predatory products.

These 15 businesses consist of:

  • Storefront and on line loan providers;
  • Short-term payday, long-lasting payday installment, and car name loan providers;
  • Loan companies;
  • Loan providers claiming to work as tribal financing entities; and
  • Users of industry associations, whoever people are thought to comply with recommendations they claim guarantee lending that is responsible. Continue reading