The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer related to transactions entered into with 7 Day Loans d/b/a 7DayLoans.com. The consumer alleged that he was charged excessive interest when he obtained an online payday loan from 7 Day Loans. Additionally, when the consumer discontinued making payments, the company began threatening collection action. 7 Day Loans is not licensed by DFI, and is not registered to conduct business in the State of Washington by either the Department of Revenue or the Secretary of State.
7 Day Loans has been associated with the following address, website, email, telephone number, and fax number: N344, Private Bag 92185, Auckland 1142, New Zealand; www.7DayLoans.com; Loans@7DayLoans.com, ClientServices@7DayLoans.com; 1-800-505-6058; and 1-866-545-1009.
Washington residents are advised that state law provides in RCW 31.45.105(1)(d) and (3) that a small loan made by an unlicensed entity to a person physically located in Washington is uncollectible and unenforceable in Washington State.
DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov.
Payday Loan Collection Laws
Washington State law prohibits threatening or harassing behavior by individuals attempting to collect a debt. The federal Fair Debt Collection Practices Act states that debt collectors must send consumers a written notice within five days of the first collection phone call, stating the amount of the debt and what it relates to. Debt collectors cannot state or imply that failure to pay a debt is a crime. They cannot call before 8:00 a.m. or after 9:00 p.m. They cannot harass or abuse consumers, or contact consumers' places of employment.
If you are suspicious of unlicensed activity by a payday lender please contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.
If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov. Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov.
If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.
If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.