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Consumer Loan Complaints Surge
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The CFPB's report reveals installment loans as the primary cause of consumer complaints, citing concerns like unauthorized withdrawals and unexpected fees. Buy-Now-Pay-Later and point-of-sale loans also troubled consumers. PYMNTS Intelligence data indicates a rising popularity of installment plans among shoppers and merchants from diverse income levels.
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How can financial institutions address the issues of unauthorized withdrawals and unexpected fees in installment loans?
What factors contribute to the increasing popularity of installment plans among consumers and businesses?
What regulatory measures might be necessary to ensure transparency and consumer protection in alternative lending options like Buy-Now-Pay-Later and point-of-sale loans?
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