Washington State Department of Financial Institutions

Consumer Alert:
PDL Ventures, LLC

Charging More Than Necessary To Repay Payday Loan

PDL Ventures, LLC also doing business as:

January 5, 2011

The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with.

PDL Ventures LLC is a company that provides short-term loans (“payday loans”) to consumers via the internet.

PDL Ventures LLC may be doing business on the internet as PDL Loan Center, SpotOn Payday Loans, and Extra Funds Payday Loans.

The companies are 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.

PDL Ventures LLC also operates a payday loan collections system via the internet.

PDL Ventures LLC may make debits from consumers’ bank accounts for a longer time and for larger amounts than necessary to repay the loan.

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.

It appears that PDL Ventures LLC is a wholly-owned division of the Rocky Boy tribe of Montana, a federally-recognized Indian Tribe. As a result, PDL Ventures LLC may not be subject to the Department of Financial Institutions' jurisdiction.

If you have a complaint involving PDL Ventures LLC, you will need to deal directly with the company to resolve any disputes.

The Department of Financial Institutions strongly recommends consumers only deal with those payday loan companies that are properly licensed by the Department of Financial Institutions to conduct such business.

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