Consumers are satisfied with their payday loans – and this comes as no surprise to CFSA members. New data out this week from the Federal Trade Commission (FTC) reinforces this: consumers simply don’t complain much about payday loans. In fact, of the more than 2 million complaints logged with the FTC last year, “Lending: Payday Loans,” received just 476 complaints. That number accounts for a tiny .02 percent of the total consumer grievances filed with the FTC. It also accounts for a tiny portion of payday loans. The payday advance industry serves 19 million households each year.
The recent FTC findings are consistent with surveys of our customers. According to a 2009 report from the George Washington University School of Business, customers are very happy with CFSA-member products. Eighty-eight percent of customers were satisfied with their last transaction, and 86 percent of CFSA customers believe a payday advance is a useful financial product.
That said, one complaint is certainly one too many, and every day CFSA members are working hard to improve the experiences of our customers and provide access to the short-term credit they need for unexpected expenses.
