Payday loans, title loans, or cash advance businesses have few regulations when it comes to interest rates in Missouri but now there's some help for borrowers. The U.S. Consumer Financial Protection Bureau is accepting complaints from borrowers who say they had problems with payday loans.
Payday loans are known for charging skyrocketing interest rates -- up to 300 or 400 percent in some cases. The small-loan stores are rampant in the Show-Me-State because there's little consumer protection -- until now.
Consumers can submit complaints about unexpected fees or interest, unauthorized charges and payment problems.
“Prior to this announcement, there was very little recourse these families had toward payday loans,” said Joe Allen Stokes of Consumer Credit Counseling. “They've promised to take action against some of these payday loans and to prevent some abuses and taking advantage of some of these families.”
To submit a complaint, consumers can:
• Go online at www.consumerfinance.gov/Complaint
• Call the toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372)
• Fax the CFPB at 1-855-237-2392
• Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244
Additionally, through AskCFPB, consumers can get clear, unbiased answers to their questions about payday loans at consumerfinance.gov/askcfpb or by calling 1-855-411-CFPB (2372).