Few Complaints with Cash Advance Industry

Posted On: February 17, 2010 at 7:03 a.m.

Filed Under: cash advance ogden city utah

With the cash advance industry growing rapidly, we might think that the number of complaints would rise, too. Especially considering that there is so much discussion right now about the industry, it might surprise you that there are relatively few complaints. Here is what StandardNet is saying: “Scott Schwebke’s article “Ogden May Act on Payday Loans” brings to light Ogden City’s efforts to over regulate an already well-regulated business. Cash Advance lenders have been providing short-term loans for over a decade with terms that their customers find reasonable and cheaper than other alternatives. The regulator of payday lenders, Utah’s Department of Financial Institutions, often report they receive only 25 complaints (the majority of which come from Internet lenders) a year from this industry that handled over one million transactions in Utah last year” (http://www.standard.net/topics/opinion/2010/02/04/ogden-shouldnt-limit-payday-lenders). [[ads]] Twenty-five complaints for over one million transactions! Now that seems to be customer satisfaction.

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