WASHINGTON – The Consumer Financial Protection Bureau last week announced it would begin accepting complaints from consumers encountering issues with loans from online marketplace lenders.
The federal agency simultaneously released a consumer bulletin providing an overview of the marketplace lending with tips for consumers who are thinking about borrowing from these types of lenders.
“When consumers shop for a loan online we want them to be informed and to understand what they are signing up for,” said CFPB Director Richard Cordray. “All lenders, from online startups to large banks, must follow consumer financial protection laws. By accepting these consumer complaints, we are giving people a greater voice in these markets and a place to turn to when they encounter problems.”
The online marketplace, sometimes referred to as peer-to-peer, or platform lending, uses the Internet to connect borrowers with investors willing to buy or invest in a loan. The federal regulator is offering the following tips through its consumer bulletin, which can be found at files.consumerfinance.gov/f/201603_cfpb_understanding-online-marketplace-lending.pdf.
Those looking to submit a complaint can go to www.consumerfinance.gov/complaint.
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