CONTACT:Mike Litt, U.S. PIRG Education Fund workplace: (202) 461-3830 Cell: (702) email@example.com
Report: Research of Payday Complaints Reveals Need for More Powerful Federal Protections
Washington, D.C. – customer complaints about pay day loans to your Consumer Financial Protection Bureau (CFPB) reveal a critical requirement for strengthening the agencyвЂ™s proposed guideline to rein in pay day loans as well as other high-cost financing, relating to a study released today because of the U.S. PIRG Education Fund.
вЂњOur analysis of written complaints to your CFPB discovered significant proof of the significant problem with pay day loans:
borrowers canвЂ™t pay for these loans and wind up caught in a period of financial obligation. Ninety-one per cent (91%) of written complaints had been associated with unaffordability,вЂќ said Mike Litt, Consumer Advocate with all the U.S. PIRG Education Fund.
Some findings that are key
- Ninety-one percent (91%) of most written explanations revealed indications of unaffordability, including abusive commercial collection agency methods, bank account closures, long-lasting cycles of financial obligation, and bank charges like overdraft charges as a result of collection efforts.
- The database reveals difficulties with a complete spectrum of predatory services and products, including storefronts and online loan providers, short-term payday, long-term payday installment loans, and car name loans.
- Over fifty percent (51%) for the payday complaints had been submitted about just 15 organizations. Verder lezen