Unlicensed Payday Lender
August 29, 2011
The Washington State Department of Financial Institutions (DFI) warns consumers to verify the license of any lender with which they consider doing business.
DFI received a complaint from a consumer relating to a transaction entered into with Nationalpayday.com. The consumer alleged that this entity provided the consumer with a payday loan with fees in excess of Washington State statute.
Nationalpayday.com is not licensed by DFI nor registered to do business in Washington by either the Department of Revenue or the Washington Secretary of State. Further, Nationalpayday.com may be located outside of the United States. Nationalpayday.com claims to be located at:
San Pablo de Heredia
Calle San Antonio, del Bar Cunninghan, 200 este y 100 norte
San Jose, Costa Rica
Many entities advertising the provision of payday loans use similar names. This entity may be in the practice of engaging in unlicensed lending activity and defrauding consumers.
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/cs/list/htm.
Payday Loan Debt 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 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.