Washington State Department of Financial Institutions

Consumer Alert:
Northway Financial Corporation Ltd. dba SonicPayday.com

Unlicensed Payday Lender

June 13, 2013

The Washington State Department of Financial Institutions (DFI) has received complaints from Washington consumers who reported they obtained online payday loans from SonicPayday.com which also does business as Northway Financial Corporation Ltd.

The consumers complained of excessive fees and annoying phone calls to their workplace and employers.

SonicPayday.com operates a website at sonicpaydayland.com and lists its email address as customercare@SonicPayday.com. The mailing address associated with SonicPayday.com is at Level 5, Plaza Commercial Centre, Bisazza Street, Sliema SLM 1640, Malta. On its website, SonicPayday.com lists its phone number as 1-866-867-6642 and its fax number as 1-866-766-4242.

SonicPayday.com is not licensed by the Washington State Department of Financial Institutions as a small loan or payday lender. This entity is not registered to conduct business in Washington State by the Department of Revenue or the Secretary of State. 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.

Verify Licenses

The Washington State Department of Financial Institutions 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 Debt Collection Laws

Collection activities are subject to the federal Fair Debt Collection Practices Act. Therefore, if you have questions regarding debt collection laws please contact the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at www.ftc.gov.

Report Fraud

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 or contact the Consumer Financial Protection Bureau (855) 411-2372, or online at www.consumerfinance.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.

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