Unlicensed Payday Lender
June 28, 2012
The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer related to transactions entered into with baysideloans.com. The consumer alleged that this entity’s collection department is calling and threatening the consumer with legal action to collect on a payday loan. The consumer also alleged the baysideloans.com will not make payment arrangements.
baysideloans.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 baysideloans.com and mailing address is 35 Barrack Road, 3rd Floor, Belize City, Belize C.A.
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.
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 Department of Financial Institutions 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.