Consumer Financial Protection Bureau Now Accepting Payday Loan Complaints
They are a quick way to get cash but some payday loan borrowers are quickly running into problems with their lenders with nowhere to turn. Luckily now they have a way of remedy the situation, thanks to the Consumer Financial Protection Bureau.
As of November 8, 2013, the Consumer Financial Protection Bureau (CFPB) has expanded its consumer complaint database to include payday loans. The CFPB is first and only federal agency with the regulatory authority to supervise the payday loan industry.
Through the CFPB’s portal consumers can submit payday loan complaints about:
- Unexpected fees or interest
- Unauthorized or incorrect charges to your bank account
- Payments not being credited to your loan
- Problems contacting the lender
- Receiving a loan you did not apply for
- Not receiving money after you applied for a loan
The CFPB also offers unbiased advice about payday loans on Ask CFPB or by calling (855) 411-2372. To submit a complaint about payday loans, mortgages, credit cards, debt collection practices and more visit http://www.consumerfinance.gov/complaint/
Sources:
http://www.consumerfinance.gov/blog/you-can-submit-a-payday-loan-complaint/
http://www.cnbc.com/id/101180692