The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with.
247 Advances is a company that provides short-term loans (payday loans) to consumers via the internet. 247 Advances may be doing business on the internet as 247advances.com. The company is engaged in lending money short-term to consumers who pay back the loans by authorizing repayment from their checking accounts on specific dates, typically on the next payday.
The company is not licensed by the Washington State of Department of Financial Institutions. The company is not registered to do business in Washington by either the Department of Revenue or the Washington Secretary of State. The Department is unable to ascertain the business entity that directs 247advances.com. One consumer reported that a 247advances.com representative asserted that the company was located in Malta. Contact with the website’s service provider lists an address in Saint Kitts and Nevis, islands in the Caribbean. Attempts to further verify the owners or location of 247 Advances have not been successful.
The Department strongly recommends consumers only deal with those payday loan companies that are properly licensed by the Department to conduct such business.
If You Feel You're A Victim
If you believe that your non-public private information may have been compromised by applying for an online payday loan, you may wish to consider yourself a victim of identity theft. You can review the FTC’s website regarding identity theft by going to www.ftc.gov/bcp/edu/microsites/idtheft/.