Payday lenders rarely cough up despite flurry of complaints to regulator

Payday lenders rarely cough up despite flurry of complaints to regulator

Simply 5 % of complainants get financial relief, half the rate of other individuals who lodge grievances aided by the CFPB

Scarcely 1 in 10 clients who’ve complained about being scammed or defectively addressed by way of a payday lender has seen any style of relief, relating to an analysis by Al Jazeera of information held by the regulatory authority tasked with avoiding loan sharks.

November figures from the Р’ Consumer Financial Protection Boards (CFPB) database show that the regulator followed up on 1,579 complaints since payday loan customers were first allowed to file grievances with the board last. Continue reading “Payday lenders rarely cough up despite flurry of complaints to regulator”