Cheated by your payday lender? Here’s how you can complain
I’ve written and written on how bad payday loans are and of how the lenders are usurious. If you’ve ever taken a payday loan, you’ll also know how the rates are unbelievably high. Most people who have taken a payday loan seem to be caught in a debt trap and there seems to be no way out of it. And it is really distressing when a person is forced to take another loan to repay the first one. That’s when you know that some drastic measures are required to correct the situation.
And the worst part is that the lender makes things worse by employing unfair means. Like for example, when you take a payday loan, some lenders require you to sign and submit a check, which they cash in case you fail to pay up on time. And if the check bounces, the lender may try to arm-twist you by threatening prosecution. AND, they knew that when you wrote the check, you had insufficient funds in your account! This is NOT allowed in certain states including Indiana.
Now there are many other such seemingly okay rules, which are not actually allowed by the law. In case you feel that your lender has violated the Truth in Lending Act, you can file a complaint with the Federal Trade Commission (FTC). Call their Consumer on toll free: 1-877-FTC-HELP (382-4357): TDD: 202-326-2502. You can also use the FTC’s online complaint form to register your complaint. But be warned, the Commission cannot resolve your individual problem, but it can definitely act against a company if there is a pattern of possible law violations. So, don’t hesitate to file your complaint