Payday Loan Complaints Too Low!
Payday loan consumer complaints are too low to suit so-called consumer advocates and the CFPB
Ok, here are the facts per the Utah Department of Financial Institutions 2014 Report (page 129):
- Non-Depository Lenders – there are 599 physical locations in Utah.
- A total of 53,777 deferred deposit loans were carried to the 10-week maximum in 2014, according to the report. Of those loans, 45,655 weren’t paid in full by the end of the terms. The Report FAILS to disclose how many payday loans were funded for the year in total!
- There were a TOTAL of 13 consumer complaints to the Utah DFI in ALL of 2014! What? Really? Only 13 in total? 13!! Banks only wish they had as good a record!