“Most Internet-based pay day loan loan providers are, in reality, perhaps perhaps perhaps perhaps not certified to accomplish company in Washington,” DFI Director of customer Services Deborah Bortner describes. “When a customer takes financing from an unlicensed loan provider, there clearly was little we are able to do in order to protect them, and sometimes small we could do in order to the business when they are situated not in the united states of america. when they don’t abide by our legislation, especially”
DFI’s customer Services unit issued a cease that is temporary desist purchase Oct. 6 against cash loan Now, an organization situated in Costa Rica which has never ever been certified to accomplish company in Washington State. DFI investigators allege that besides the company’s breach of state and federal collections regulations, 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 restrictions in Washington legislation.
Complaints regarding unlicensed Web payday loan providers are an increasing concern. Continue reading “Washington State Dept. of Financial Institutes Warns Consumers About Online Pay Day Loans”