Customer complaints about payday advances towards the Customer Financial Protection Bureau (CFPB) reveal a critical requirement for strengthening the agency’s proposed guideline to rein in pay day loans as well as other high-cost financing, in accordance with a report released today because of the Illinois PIRG Education Fund.

“Our analysis of written complaints towards the CFPB found significant proof the significant problem with pay day loans: borrowers can’t manage these loans and wind up caught in a period of financial obligation. Ninety-one % (91%) of written complaints had been associated with unaffordability,” said Abraham Scarr, Director associated with the Illinois PIRG Education Fund. Continua a leggere