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

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

Contact

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

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

Washington, D.C. – Consumer complaints about payday advances to your customer Financial Protection Bureau (CFPB) show a critical dependence on strengthening the agency’s proposed guideline to rein in pay day loans along with other high-cost financing, relating to a study released today because of the U.S. PIRG Education Fund.

“Our analysis of written complaints to your CFPB found significant proof of the significant problem with pay day loans:

borrowers can’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 linked to unaffordability,” said Mike Litt, Consumer Advocate aided by the U.S. PIRG Education Fund.