This month’s CFPB complaint snapshot highlighted complaints about consumer loans including vehicle loans and leases, installment loans, title loans and pawn loans. Of the 38,500 complaints in this category submitted to the bureau, 52% were about vehicle loans and 31% were about installment loans. Nearly half of the complaints had to do with consumers struggling to manage their loan, lease or line of credit. Furthermore, some consumers complained about receiving unclear loan disclosures.
As of June 1, 2016, the CFPB has handled 906,400 complaints nationally. The report also took an in-depth look at Arkansas. As of June 1, 2016, consumers in Arkansas have submitted 4,200 of the 906,400 complaints the bureau has handled.
Read the report.