Zarvad III S.A. d/b/a Mypaydayloan.com

Unlicensed Payday Loans

Posted: December 02, 2014

The Washington State Department of Financial Institutions (DFI) received a report that Mypaydayloan.com may be providing consumers’ personal information to a third-party who appears to be running an advanced fee loan scam.

A Washington State consumer reported that, after she applied for a loan at Mypaydayloan.com, she received a phone call from a third-party. The third-party offered her a loan in exchange for an advanced fee. The consumer paid the advanced fee using a prepaid card, but did not receive the promised loan. When the consumer attempted to cancel the loan, the third-party demanded another advanced fee. The third-party did not refund any of the fees to the consumer.

Mypaydayloan.com list’s its phone number as 888-269-2303. It appears that Mypaydayloan.com may be operating outside of the United States. A possible address associated with Mypaydayloan.com is Centro Colon, 8 Avo Piso Oficina 8-4, San Jose, Costa Rica. Mypaydayloan.com is not licensed by the Washington State Department of Financial Institutions. It is not registered to do business in Washington by either the Department of Revenue or the Secretary of State.

Verify Licenses

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/consumers/findcompany.htm.
Payday Loan Debt Collection Laws

Col4lection activities are subject to the federal Fair Debt Collection Practices Act. Therefore, if you have questions regarding debt collection laws please contact the Federal Trade Commission at 382-4357 (1-877-FTC HELP), or online at www.ftc.gov.

Report Fraud

If you are suspicious of unlicensed activity by a payday lender please contact the 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 http://www.ftc.gov or contact the Consumer Financial Protection Bureau (855) 411-CFPB (2372), or online at www.consumerfinance.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.

One thought on “Zarvad III S.A. d/b/a Mypaydayloan.com

  1. SFA Reporter says:

    STATE OF CALIFORNIA
    BUSINESS, TRANSPORTATION AND HOUSING AGENCY
    DEPARTMENT OF CORPORATIONS

    TO: Mypaydayloan.com
    Centro Colon, 8 Avo Piso, Oficina 8-4
    San Jose, Costa Rica

    DESIST AND REFRAIN ORDER
    (For violations of section 23005 of the California Financial Code)
    The California Corporations Commissioner finds that:

    1. Mypaydayloan.com is, and was at all relevant times herein, a lender of indeterminate
    origin, with its principal place of business located at Centro Colon, 8 Avo Piso, Oficina 8-4, San Jose, Costa Rica.
    2. Mypaydayloan.com engages in the business of originating, or offering to originate
    deferred deposit transactions (commonly referred to as “payday loans”) over the Internet to the general public, including California residents.
    3. A deferred deposit transaction is a written transaction whereby one person gives funds to another person upon receipt of a personal check, and it is agreed that the personal check would not be deposited until a later date. “Personal check” referenced in Financial Code section
    23001 includes “the electronic equivalent of a personal check”.
    4. During 2010, Mypaydayloan.com originated a deferred deposit transaction with at least one California resident through the website mypaydayloan.com, which authorized Mypaydayloan.com to electronically debit the borrower’s account by means of an Automated Clearing House with the loan amount, fees and charges, on the due date.
    5. Mypaydayloan.com has not been issued a license by the California Corporations Commissioner authorizing it to engage in the business of originating deferred deposit transactions under the California Deferred Deposit Transaction Law (California Financial Code § 23000 et seq.).
    6. Mypaydayloan.com is not exempt from the licensing requirements of California Financial Code section 23005.
    ________________________________________________________________________
    7. By reason of the foregoing, Mypaydayloan.com has engaged in the business of originating or offering to originate deferred deposit transactions without having first obtained a license from the California Corporations Commissioner in violation of California Financial Code
    section 23005.
    Pursuant to California Financial Code section 23050, Mypaydayloan.com is hereby ordered to desist and refrain from engaging in the business of deferred deposit transactions, including but not limited to, originating or offering to originate deferred deposit transactions in the State of California without first obtaining a license from the California Corporations Commissioner, or otherwise being exempt.

    This Order is necessary, in the public interest, for the protection of consumers and is consistent with the purposes, policies and provisions of the California Deferred Deposit Transaction Law.

    This order shall remain in full force and effect until further order of the Commissioner.

    California Financial Code section 23050 provides:
    Whenever, in the opinion of the commissioner, any person is engaged in the
    business of deferred deposit transactions, as defined in this division, without a license from the commissioner. . . the commissioner may order that person or licensee to desist and to refrain from engaging in the business . . .. If, within 30 days, after the order is served, a written request for a hearing is filed and no hearing is held within 30 days thereafter, the order is rescinded.

    Dated: November 10, 2010
    Los Angeles, California
    PRESTON DuFAUCHARD

    California Corporations Commissioner
    By_______________________________
    ALAN S. WEINGER
    Deputy Commissioner

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