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Annual Report Shows Payday Loan Consumer Satisfaction

written By
Kimber Severance
Reviewed by
Tracy Rawle
November 6, 2024

The annual Consumer Response Report from the CFPB shows payday loans representing only 0.1% of total complaints, indicating high satisfaction among consumers.

The Consumer Financial Protection Bureau (CFPB) is a government agency that oversees the financial industry and protects consumers in the financial market. It protects consumers of financial products and services from unfair, deceptive, or abusive practices and holds financial institutions accountable.

Each year the CFPB publishes a Consumer Response Annual Report as a part of the Consumer Financial Protection Act of 2010. This report outlines and analyzes data about complaints in the financial industry, including complaints sent by customers.

The purpose of this report and consumer complaints is to give financial institutions an opportunity to engage with customers and address concerns quickly and efficiently. This process helps financial organizations ensure they are providing the best products and services possible for their customers. 

In March 2024, the CFPB published the Consumer Response Annual Report. The information in this report includes data from January 1 to December 31, 2023.

In 2023, consumers sent approximately 1,657,600 complaints to the CFPB. Of those complaints from consumers, the following were the top 5 most complained about financial products and services: 

5 Most Complained About Financial Products and Services:

  • Credit or consumer reporting (79% of consumer complaints)
  • Debt collection (7% of consumer complaints)
  • Credit cards (4% of consumer complaints)
  • Checking or savings accounts (4% of consumer complaints)
  • Mortgage loans (2% of consumer complaints)

Of the approximately 1,657,600 complaints to the CFPB in 2023, the following financial products and services were complained about the least: 

5 Least Complained About Financial Products and Services:

  • Deposit advance (0% of consumer complaints)
  • Title loans (0.1% of consumer complaints)
  • Payday loans (0.1% of consumer complaints)
  • Debt or credit management (0.2% of consumer complaints)
  • Prepaid cards (0.5% of consumer complaints)

This information shows us that out of all the consumer complaints sent to the CFPB in 2023, only 0.1% of those complaints were from payday loan consumers, making this loan product the third least-complained about financial product overall.

When the CFPB receives consumer complaints, they also send their own complaint to the relevant companies involved in order to help facilitate the resolution process. Financial companies like payday loan lenders then have the opportunity to address the customer complaints and concerns to bring about a solution. As of March 2024, only 0.1% of the payday loan consumer complaints were still pending review.

In conclusion, payday loans only make up 0.1% of all consumer complaints sent to the CFPB, indicating that the majority of payday loan consumers are happy with this financial product.

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Related Products:

Utah Payday Loans

‍Nevada Payday Loans‍

California Payday Loans‍

Alabama Payday Loans‍

Alaska Payday Loans‍

Mississippi Payday Loans‍

Kansas Payday Loans‍

Wyoming Payday Loans

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Article sources

Consumer Financial Protection Bureau. “Consumer Response Annual Report.” ConsumerFinance.gov. Consumer Financial Protection Bureau (CFPB), March 2024. https://files.consumerfinance.gov/f/documents/cfpb_cr-annual-report_2023-03.pdf.

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Payday Loans are also commonly referred to as Cash Advances, Payday Advances, Payday Advance Loans, and Fast Cash Loans. Check City may, at its discretion, verify application information by using national consumer loan underwriting databases that may include information relating to previous cash advance transactions that Check City may take into consideration in the approval process. Approval, products, and loan terms may vary based on applicant qualifications and applicable state or federal law. See Rates and Fees for specific information and requirements. Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria. CheckCity.com provides loan services in: Alabama, Alaska, California, Idaho, Kansas, Mississippi, Missouri, Nevada, Ohio, Utah, Wisconsin, and Wyoming. In Texas, CheckCity.com acts as a credit services organization/credit access business (CSO/CAB) and will not be the lender for loans obtained through this site; CheckCity.com will instead attempt to arrange a loan between you and an unaffiliated third-party lender.
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Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Loan proceeds issued through our website are generally deposited via ACH for next business day delivery if approved by 8pm CT Mon. – Fri.
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This is an invitation to send a loan application, not an offer to make a short-term loan. This service does not constitute an offer or solicitation for payday loans in Arizona, Arkansas, Colorado, Georgia, Maryland, Massachusetts, New York, Pennsylvania, or West Virginia. The maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details. Utah Customers: For consumer questions or complaints regarding payday loans and/or title loans you may contact our Customer Service Department toll-free at (866) 258-4672. You may also contact our regulator, The Utah Department of Financial Institutions at (801) 538-8830. In California, CheckCity.com is licensed by the California Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law, Cal. Fin. Code D. 10.
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