Washington State Department of Financial Institutions (DFI) is advising any potential borrowers seeking short term financing such as payday loans to be carful of who they are doing business with. Many loan operations who advertise online and through the media such as TV, are not licensed to lend money in the State of Washington.

“Internet payday lenders who are not willing to abide by Washington law are not welcome to do business with Washington consumers,” DFI Director Scott Jarvis said. “As the state regulator, it’s our job to enforce the consumer protection laws adopted by our legislators – businesses refusing to play by the rules should take note – and be prepared for DFI to take action against them.”

“Most Internet-based payday loan lenders are, in fact, not licensed to do business in Washington,” DFI Director of Consumer Services Deborah Bortner explains. “When a consumer takes a loan from an unlicensed lender, there is very little we can do to protect them, and often little we can do to the company if they don’t adhere to our laws, especially if they are located outside of the United States.”

The DFI has received many complaints about various online lenders and intends to use everything at their  disposal to prevent these companies from breaking the law in Washington State. Below is a list of payday loan companies currently on the DFI’s complaint list:

·       500 Fast Cash

·       7-Day Loans.com

·       Ameriloan

·       Atlas Money Online aka First West Coast Financial Services

·       BIG Limited

·       Blackrock Lending Group

·       Cash 1

·       Cash OnLine

·       Cash Transfer Centers

·       CashLoanNetwork

·       Clearwater Bay Marketing LLC

·       Collect500

·       Cornerstone Resolution Group, Inc.

·       Credit Protection Depot

·       Credit Protection Service/Support Seven Payday Max

·       Discount Advances.com

·       e-payday-loan.com aka Web-e-payday; US Cash Advance; National Payday Advance

·       Easy Cash Online Store

·       FloBridge Group LLC; Cash-N Dash

·       Get E Cash

·       Huskhawk Marketing Group

·       Instant Cash USA aka Instantcashusa.com

·       Liberty Discount Club/Multiecomm LLC

·       Little Loan Shoppe America

·       Magnum Cash Advance

·       My Cash Now

·       Nationwide Cash Inc.

·       Northway Financial Corp Ltd

·       One Click Cash’

·       Onestepcash.com; SSK LLK

·       Pay Day Loan

·       Pay Day Loan Yes

·       PayDayMax.com

·       PDL Ventures

·       Power Funding

·       Quadrant Acquisitions

·       Sandpoint Capital; Clearwater Bay Marketing

·       Sign My Loan

·       Star Cash Processing

·       Summit Group LLC

·       United Attorneys Services

·       United Cash Loans

·       USFastCash

·       VIP Loan Shop

·       VIP PDL Services, LLC

·       Yorkview Financial Services

·       Zip19.com

The nations largest bank, Bank of America, has put a stop to all foreclosures nationwide as they probe into how documents have been prepared to support evictions. This action comes as anger grows at how these documents have been pushed through the courts, not necessarily complying with state laws.

The nationwide moratorium on foreclosures will also put a freeze on and properties listed for sale at this time. This halting of foreclosure proceedings has directly impacted the payday loan industry as they have been providing a growing number of loans to cover deposits being made on rental accommodation for evicted families.

PNC Financial Services Group Inc. has also put a hold on foreclosure proceedings in 23 states for a period of two weeks as they review their filings. GMAC’s mortgage division and JP Morgan Chase have also announced similar  moves as they review their documents.

Most of the big banks are under political pressure to examine foreclosure documentation problems as rumors surface about most documents being signed without ever being reviewed.

This is the new way in which America is trying to clean up its financial problems. Everything from student loans to reverse mortgages and even payday loans will come under scrutiny by the CFPB

Many students leave school with an enormous amount of debt. While the government does back many loans each year they are not usually enough for the student to survive on and therefore they borrow privately. Many of these private loans may have low initial interest rates until the student graduates and then jump significantly afterwards making the loans difficult to repay.

Reverse mortgages are another problem area the CFPB needs to look at. A reverse mortgage is simply a loan using your home as collateral. These loan companies focus on how much money you can draw from your homes collateral, and for how long. There are many hidden fees and high interest rates which are never discussed which eats heavily into the homes equity leaving very little if anything at the end of the term.

Payday loans are also on the list of financial problems facing the CFPB. While everyone expects to pay higher than normal interest rates for payday loans, they don’t expect the additional fees if the loan is not paid off in the prescribed time frame.

Read related story in USA Today. www.usatoday.com

and in the Wall Street Journal www.online.wsj.com

I Need a Payday Loan Immediately

If you ever said I need a payday loan immediately, help has never been closer to home. Gone are the days of going to the bank or local pawn shop to get some emergency cash. Today there are many lenders who offer these payday loans online with a quick application process, and money deposited quickly into your bank account. Most online lenders have a loan application on their website and will approve you very quickly – often within minutes. The approval process does not usually include a credit check and is based more on you meeting the loan requirements. These loan requirements are very basic and do vary from lender to lender. In general payday loan or cash advance companies like you to have a monthly income of $800 – $1000, a checking account, and be at least 18 years old. Some online lenders also have a database they use to see if you have defaulted on this type of loan before. Payday loans are also not available in all areas due to local legislation. Some online lenders do have a way to arrange a loan from another area which bypasses any local requirements. If one online lender does not offer loans in you area, just keep looking until you find one that does. A payday loan or cash advance should be used only for emergency short term financing as their rates are much higher than a bank loan. If you find yourself needing the loan for a longer period of time payment plans can be arranged with the lender, however, be sure you are aware of the various charges involved before extending your payday loan. If possible use payday loans for short term financing until you can arrange a bank loan or other financing. If you find yourself saying “I need a payday loan immediately” on a regular basis it is probably advisable to apply for a bank loan and consolidate some of you debts to reduce the amount of interest you are paying. Most banks these day are not interested in lending small amounts of money, but will be interested in helping you pay off debts with high interest such as credit cards and department store financing, which can be in the 20 to 30% interest rate range per year.