Unlicensed Payday Loans
December 29, 2011
The Washington State Department of Financial Institutions (DFI) warns consumers to verify the license of any lender with whom they consider doing business.
DFI received a complaint from a consumer who obtained an online payday loan from the entity Action Payday, using the website, actionpayday.com. The consumer alleged that Action Payday withdrew excess fees from his account.
Action Payday is not licensed by DFI, or registered to do business in Washington by either the Department of Revenue or the Secretary of State. DFI was unable to verify its identity or contact information, and it appears to be located outside of the United States.
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 DFI’s website at www.dfi.wa.gov/consumers/findcompany.htm.
If you feel you are in immediate danger contact local law enforcement.
If you are suspicious of unlicensed activity by a consumer lender, contact DFI 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, contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.
If you feel you have been the victim of a loan scam involving the Internet, contact the Internet Crime Complaint Center 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.