Consumer Agency Starts Accepting Payday Loan Complaints

Consumer Agency Starts Accepting Payday Loan ComplaintsThe U.S Consumer Financial Protection Bureau is now accepting complaints tied to payday loans.
Many consumers have raised concerns “about the high cost of payday loans, not being able to repay the payday loan while still having enough money left for other expenses, and the debt collection practices they encounter if they can’t repay the loan,” the CFPB said in a statement Wednesday.
Payday loans are marketed as a way to get quick cash — usually small amounts — when you need it. They often give the lender a claim on your bank account. They are sometimes also called cash advance loans. And often the fees are high or can add up quickly.
Starting today, you can submit a complaint 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.
You can also get answers to questions about payday loans on Ask CFPB or by calling 855-411-2372.

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