Consumers Are Happy With Payday Loans
Deep customer satisfaction at both national and state levels
One important fact that often gets lost in the debate about payday loans is that the actual customers of payday loans are overwhelmingly satisfied with the service.
The Consumer Financial Protection Bureau (CFPB) is a federal agency solely focused on consumer financial protection. Over a three-year span from 2011 to 2014, the CFPB received 395,000+ consumer complaints about various financial services products.
Payday loans received among the fewest complaints:
The CFPB’s own findings confirm what the Utah Consumer Lending Association has experienced in Utah and other states where it operates: Consumers are happy with the product we provide.
Hundreds of thousands of cash advance transactions in Utah
Only 9 complaints filed for entire cash advance industry in Utah
(all resolved in a matter satisfactory to the DFI)