Consumers have been warned by the Washington State Department of Financial Institutions (DFI) to verify the license of the lender before taking a payday loan or providing personal information. The DFI received a complaint about lenders calling frequently at odd hours and threatening borrowers with legal action. They claimed that they were not subject to […]

The Washington State Department of Financial Institutavoid the debt collection scamions (DFI) was informed that a company was contacting consumers by telephone and asking them to repay payday loan debts allegedly owed by them. A consumer said she was contacted by the company and asked to pay immediately to avoid legal action. The caller did […]

The Washington State Department of Financial Institutions (DFI) has warned consumers to check the license the lender before taking a loan or providing any personal information. A consumer reported that a lender asked her to make an advance payment to get a loan. When she paid the fee, the lender asked her to pay additional […]

The Federal Trade Commission (FTC) accused online payday lenders SFS and Red Cedar Services of asking consumers to pay inflated fees. The lenders settled the FTCs charges regarding illegal fees. They agreed to pay $2.2 million each and jointly waived $68 million in fees that had not been collected. So far the FTC has recovered […]