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.
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.
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.