Have You Heard

CFPB Accepting Payday Loan Complaints

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:

  • Go online at www.consumerfinance.gov/complaint
  • Call the CFPB at 1-855-411-CFPB (2372) or 1-855-729-CFPB (2372) (TTY/TDD)
  • Fax the CFPB at 1-855-237-2392
  • Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244

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).

Subscribe

Keep up with what’s new and noteworthy at the St. Louis Fed. Sign up now to have this free monthly e-newsletter emailed to you.

Subscription Options


Additional Fed Publications

Fed in Print: An index of the economic research conducted by the Fed.

 

2015 Federal Reserve System
Community Development
Research Conference