Illegal on line loan providers plague cash advance industry

Illegal on line loan providers plague cash advance industry

Payday loan providers have been in existence for decades, providing quick-but-pricey loans to borrowers that are distressed.

From hundreds of walk-in storefront offices, they loan away little amounts to be repaid through the borrower’s next paycheck.

Today, they’re getting elbowed aside by a growing cadre of online rivals who aren’t licensed and whom increasingly are accused of ripping off consumers. Last month, the Ca Department of Business Oversight warned customers to avoid rogue online loan providers — frequently located overseas or that is overseas provide enticing come-ons from splashy sites, but whom may keep borrowers little recourse if one thing goes wrong.

“It’s like Whac-A-Mole,” said Mark Leyes, spokesman for their state Department of company Oversight, or DBO. “We’re wanting to compile a listing of unlicensed organizations, nevertheless they change their business title in one week into the next.”

Enforcement actions against unlawful lenders that are payday stepped up recently. Continue reading “Illegal on line loan providers plague cash advance industry”

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