Washington State Dept. Of Financial Institutes Warns Consumers About Web Payday Advances

Washington State Dept. Of Financial Institutes Warns Consumers About Web Payday Advances

“Most Internet-based cash advance loan providers are, in reality, maybe not certified doing company in Washington, ” DFI Director of customer Services Deborah Bortner explains. “When a consumer takes that loan from an unlicensed loan provider, there is certainly almost no we are able to do in order to protect them, and sometimes small we are able to do in order to the business when they don’t stay glued to our rules, particularly when they’ve been situated not in the United States. ”

DFI’s customer Services unit issued a short-term cease and desist purchase Oct. 6 against advance loan Now, a business positioned in Costa Rica which has had never ever been certified doing company in Washington State. DFI investigators allege that as well as the company’s breach of state and federal collections legislation, the company’s unlicensed activities leave Washington borrowers unprotected because of the bond that is surety of Washington’s Check Cashers and Sellers Act, nor will they be protected by the charge limits in Washington legislation.

Complaints regarding unlicensed Internet payday lenders are an increasing concern. Given that Washington legislation limits customers to eight payday advances per year, ?ndividuals are looking at unlicensed Internet payday loan providers. This year DFI has gotten complaints against many Web payday loan providers perhaps not licensed to accomplish company in Washington State, including:

· Atlas Cash Online aka First West Coast Financial Solutions

· Blackrock Lending Group

· Money Transfer Centers

· Clearwater Bay Marketing LLC

· Cornerstone Resolution Group, Inc.

· Credit Protection Depot

· Credit Protection Service/Support Seven Payday Max

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