Cash Net USA – Advance Fee Loan Scam

Date Posted: Tuesday, February 23, 2016

It has been reported to the Washington State Department of Financial Institutions (DFI) that a consumer was contacted via telephone at home by two callers, each leaving a voicemail indicating the consumer was approved for a loan. The first caller informed the loan approval was for a college loan, whereas the second representative left a voicemail stating that the consumer had a loan approved for a loan amount of $300-$1000. Calls were received several times a day and when the consumer stated that she wasn’t interested in a loan and requested to be off the call list, the caller hung up on her.

This company is not licensed by the Washington State of Department of Financial Institutions as a payday lender, or by the Washington State Department of Revenue Business Licensing Service as a collections agent.

Be advised, DFI has obtained no evidence that indicates the callers are representatives of CNU of Washington LLC d/b/a Cash Net USA, a licensee under the Check Cashers and Check Sellers Act.

Verify License

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 atwww.dfi.wa.gov/consumers/findcompany.htm.

Report Fraud

Washington State residents, if you are suspicious of unlicensed activity by a payday lender please contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you live in another state, find your state regulator(link is external).

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(link is external); or contact the Consumer Financial Protection Bureau (855) 411-CFPB or online atwww.consumerfinance.gov(link is external). Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov(link is external).

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(link is external).

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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