“Most Internet-based cash advance loan providers are, in reality, maybe maybe perhaps not certified to accomplish company in Washington, ” DFI Director of customer Services Deborah Bortner describes. “When a customer takes that loan from an unlicensed loan provider, there is certainly almost no we could do in order to protect them, and sometimes little we can do in order to the organization when they are positioned not in the united states of america. When they don’t stay glued to our guidelines, especially”
DFI’s customer Services unit issued a cease that is temporary desist purchase Oct. 6 against cash loan Now, a business positioned 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 guidelines, the company’s unlicensed activities leave Washington borrowers unprotected by the surety bond requirement of Washington’s Check Cashers and Sellers Act, nor will they be protected by the charge limitations in Washington legislation.
Complaints regarding unlicensed Web payday loan providers are an increasing concern. Given that Washington legislation limits customers to eight payday advances per 12 months, individuals are looking at Internet that is unlicensed payday. This season DFI has gotten complaints against many Web payday loan providers maybe maybe maybe not certified to accomplish company in Washington State, including:
· Atlas Cash Online aka First West Coast Financial Solutions
· Blackrock Lending Group