“Most Internet-based cash advance loan providers are, in reality, maybe not certified to complete company in Washington, ” DFI Director of customer Services Deborah Bortner explains. “When a customer takes that loan from an unlicensed loan provider, there was almost no we are able to do in order to protect them, and sometimes small we could do in order to the business when they are positioned not in the united states of america. When they don’t abide by our rules, especially”
DFI’s customer Services unit issued a cease that is temporary desist purchase Oct. 6 against cash loan Now, a business based in Costa Rica that features never ever been certified to complete 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 by the bond that is surety of Washington’s Check Cashers and Sellers Act, nor will they be protected by the cost restrictions in Washington law.
Complaints regarding unlicensed Internet payday loan providers can be an increasing concern. Given that Washington law limits consumers to eight payday advances per 12 months, ?ndividuals are looking at unlicensed Web payday loan providers. This year DFI has gotten complaints against many Web payday loan providers maybe maybe perhaps not certified to complete 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
· e-payday-loan aka Web-e-payday; US cash loan; nationwide pay day loan
· Easy Cash Web Store