The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from borrowers with payday loans. Also known as “cash advances” or “check loans,” many of these loans are for small-dollar amounts that must be repaid in a short period of time. Payment is generally due the next time the borrower gets paid—meaning the loan may require repayment in only a few weeks. Payday products can lead to a cycle of indebtedness for many consumers.
Consumers can submit payday loan complaints to the Bureau about unexpected fees or interest; unauthorized or incorrect charges to their bank account; payments not being credited to their loan; problems contacting the lender; receiving a loan they did not apply for; and not receiving money after they applied for a loan. The CFPB requests that companies respond to complaints within 15 days and describe the steps they have taken or plan to take. To submit a complaint, consumers can:
Consumers can also get answers to their questions about payday loans through AskCFPB at consumerfinance.gov/askcfpb or by calling 1-855-411-CFPB (2372).