Washington State Department of Financial Institutions

Consumer Alert:

Payday Loans

August 26, 2009

The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with to avoid becoming victims of potential illegal payday loan scams.

TipTopCash.net appears to be an internet lead generator for internet payday loan companies who are providing loans in excess of the $700 limit allowed by Washington law. TipTopCash.net had placed radio advertisements on stations advertising in Washington in an effort to solicit business.

TipTopCash.net solicits leads using a Web site, www.tiptopcash.net.

Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that TipTopCash.net is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. TipTopCash.net does not appear to have any physical presence in Washington State. .

How The Potential Scam Works

Things To Watch For

Any payday loan obtained from a lender not licensed with the DFI, and not repaid to the lender may not be collected by lender and the lender may not pursue action in Washington State to collect the debt. See RCW 31.45.105

If You Feel You're A Victim

If you feel you have been a victim of an unlicensed or illegal payday loan, please contact the Department of Financial Institutions at www.dfi.wa.gov or call 360 902-8700 or toll free at 1-877-RING DFI (746-4334).

<< Back to Consumer Alerts