วันพฤหัสบดีที่ 3 มีนาคม พ.ศ. 2559

www.Avant.com



The number of Americans who apply for pay day loans has grown steadily over the past 6 years and the momentum doesn't look to be slowing down anytime soon. Several states have enacted regulatory legislation in order to control the pay day loan sector in response to consumer complaints and allegations of loan sharking by the media.
As far as the big picture goes, the pay day loan industry does not have an exceedingly high complaint ratio. One national pay day loan provider states that it's written customer complaint occurrence is less than 4%, which conversely could be interpreted as a 96% satisfaction rate, depending on who is quoting the statistics.
In the financial products industry and specifically with pay day loan products, one may think that the most common consumer complaints fall directly in line with media reports and revolve around high interest rates, predatory lending practices, collection harassment, or a myriad of other potential complaints, however the actual type of complaints that have been filed with the Better Business Bureau, Federal Trade Commission and various States Attorney General's offices paint a different picture indeed.
Here are the 3 most common type of complaints filed by consumers against their pay day loan providers.
1. Our research shows that the most common consumer complaint is that the pay day loan companies make it very easy to complete a loan application online and provide instant approvals, however they do not provide an easy way to increase weekly or bi-weekly payment amounts on the same website. At first glance this wouldn't even seem like a reason to complain as the company is drawing a very low weekly payment for the loan, however many consumers would like to pay off their loan earlier than originally scheduled in order to avoid added interest charges, but instead of being able to do that online, they must call and speak to a live customer service agent in order to alter their previously agreed upon payment terms. This general area of complaints accounts for over 1/3 of all complaints filed with the Better Business Bureau.
2. The second most common complaint is with late payment fees. Many pay day lenders charge a late fee, much like a credit card company does for payments that are received after the agreed upon payment date. In many cases this late fee can be in the neighborhood of 15% or a $15 fee on a scheduled payment of $100. The credit card industry suffers from similar complaints as a late payment fee of up to $40 can be assessed against even a minimum payment of $40 which equates to a 100% late fee. Late fees would seem to be a significant source of income for both industries.

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