Washington State Department of Financial Institutions

Consumer Alert:
Advantage Cash Advance

Unlicensed Payday Loans

March 01, 2012

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer who reported they obtained an online payday loan from Advantage Cash Advance. The consumer alleged that after receiving a payday loan the company was unwilling to provide a payment plan and charged excessive fees.

The addresses associated with this company are 18997 Telegraph Road, Detroit, MI and 29267 Dequindre Madison Heights, MI. Additionally, the website address associated with this company is www.advantagecashadvance.com and the email address is support@advantagecashadvance.com.

Advantage Cash Advance is not licensed by DFI, and is not registered to conduct business in Washington by the Department of Licensing, the Department of Revenue, or the Secretary of State.

Verify Licenses

DFI strongly recommends that residents verify the license of any lender with which they consider doing business with. Consumers are urged to verify licensing status prior to giving the lender nonpublic personal information, such as social security number and checking account access. You can verify a license with DFI at www.dfi.wa.gov or by calling 1.877.RING DFI (746-4334).

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.

Report Violators

If you feel you are in immediate danger contact local law enforcement.

If you are suspicious of unlicensed activity by a payday lender please 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 please contact the Federal Trade Commission 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 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.

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