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Friday, August 27, 2010

Be Vigilant When Seeking Payday Loans from Companies Seen On TV or Online

The Washington State Department of Financial Institutions (DFI) urges consumers seeking short-term and/or small loans from companies seen on TV or online to be:
  • vigilant
  • read the small print
  • and make sure any company they work with is licensed to do business in the state of Washington.
Consumers should be aware that lenders associated with these types of organizations may or may not be licensed in Washington State or adhering to our state’s laws.

Because of this, the protections in our state’s laws - including limitations on fees that may be charged and laws relating to unlicensed lenders not being able to use our courts - may not be available to consumers using these services should they have trouble with the lender down the line.

“Most Internet-based payday loan lenders are, in fact, not licensed to do business in Washington,” DFI Director of Consumer Services Deborah Bortner explains.

“When a consumer takes a loan from an unlicensed lender, there is very little we can do to protect them, and often little we can do to the company if they don’t adhere to our laws.”

View Full Alert from DFI Including Tips on How You Can Protect Yourself