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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 into the database as pay day loans, installment loans, and automobile name loans.

This will be our very very first report to include an analysis of customer narratives or written explanations of issues — an addition to your database we advocated for with Americans for Financial Reform and accomplished last year.

This report discusses cash advance complaints from numerous angles:

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

A section is included by this report showcasing the CFPB’s top accomplishments. We also provide a history associated with fight to rein within the lending that is predatory and talk about the importance of a guideline the CFPB is anticipated to finalize in 2010.