Unlicensed Payday Loans
September 26, 2012
The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer regarding payments for a payday loan with PepperCash.com. The consumer alleged that this entity was paid $573 to pay off the payday loan the consumer had with PepperCash.com. The consumer further alleged PepperCash.com was continuing to charge the consumer $185 after the consumer paid off the payday loan.
PepperCash.com is not licensed with DFI and is not registered to do business with the Washington Secretary of State or Department of Revenue.
The entity’s website is peppercash.com and mailing address is Apartado Postal 187, Plaza Colonial Escazu, San Jose, Costa Rica
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/consumers/findcompany.htm.
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 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.