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Tuesday, September 1, 2009

DFI Urges Residents To Verify Licenses Of Payday Lenders

DFI is urging consumers to verify the licensing status of any payday lender they’re considering taking a loan from.

State law requires all payday lenders — including Internet payday lenders — offering services to Washington residents to be licensed by DFI before doing business in our state.

Some online payday lenders offer services that are not legal in Washington State.

In addition to verifying a payday lender’s license, consumers considering a payday loan should also be sure they are aware of and understand the current and pending laws concerning payday loans.

Starting Jan. 1, 2010 new payday lending laws and regulations go into effect.

Overview Of New Laws