Information Launch. Report: Research of Payday Complaints Reveals Requirement For Stronger Federal Protections

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Information Launch. Report: Research of Payday Complaints Reveals Requirement For Stronger Federal Protections

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CONTACT:Mike Litt, U.S. PIRG Education Fund workplace: (202) 461-3830 Cell: (702) 427-1608mlitt@pirg.org

Report: Analysis of Payday Complaints Reveals Requirement For More Powerful Federal Protections

Washington, D.C. – customer complaints about payday advances towards the customer Financial Protection Bureau (CFPB) reveal a critical dependence on strengthening the agency’s proposed guideline to rein in payday advances along with other high-cost lending, relating to a written report released today by the U.S. PIRG Education Fund.

“Our analysis of written complaints towards the CFPB discovered significant proof of the problem that is major payday advances:

borrowers can’t pay for these loans and find yourself caught in a period of financial obligation. Ninety-one(91 that is percent) of written complaints had been associated with unaffordability,” said Mike Litt, Consumer Advocate because of the U.S. PIRG Education Fund.