Consumer satisfaction with short term loans continues to rise, according to a new federal report.
The Consumer Financial Protection Bureau’s (CFPB) Monthly Complaint Report showed a 12 percent decrease in the number of short term loan complaints from consumers from this summer compared to the summer of 2014, according to The Hill, a Washington-based news outlet.
“The report reaffirms what the industry has long known,” Dennis Shaul, CEO of the Consumer Financial Services Association (CFSA), told The Hill. “Consumers value payday loans as a high-quality source of credit during times of needs.”
In the story, Shaul said the report once again exposes the CFPB’s plan to saddle the short term lending industry with more federal regulations as “misguided.”
“The truth is banning payday lending does nothing to address the needs of consumers,” Shaul said. “Rather, it simply eliminates a responsible credit option and forces consumers to turn to inferior alternatives, including dangerous, illegally-operating lenders.”