Loan Tree Advances
Unlicensed Payday Loans and Unauthorized Fees
December 12, 2012
The Washington State Department of Financial Institutions (DFI) received complaints from Washington consumers who reported applying for payday loans from Loan Tree Advances and being charged a non-refundable application fee when no loan was obtained and no authorization was given to withdraw funds from the consumers’ accounts. This company purports to be located at 2780 S. Jones Blvd., Suite 3675, Las Vegas, NV 89146. The company’s web address was http://loantreeadvances.com.
Loan Tree Advances is not licensed by the DFI and is not registered to conduct business in Washington by the Department of Revenue or the Secretary of 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 DFI’s website at www.dfi.wa.gov/consumers/findcompany.htm.
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.
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 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, contact the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357), 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.