Does payday loan companies need state license to do business

Hi msmishele30

As per the laws, the payday loan companies need to get license from the state authorities before they do business. They must have a licensed office in the state so that it is accessible to the consumers.

You can enquire about a payday loan company from the consumer protection office in your state. They will give you the available information about the company.

Thanks Ben. I will contact them today to find out more information.

msmishele30 you will be surprised at the ones that are not licensed to lend money.

The more stuff I found out about these companies, the more frustrated I am. I am with myself, yes. I just can't believe some of these companies can operate like this and actually rip people off. I feel like I'm taking baby steps in the right direction.

Hi msmishele30

Welcome to the forums.

Now that you are heading to the right direction and keeping yourself away from the fraudulent companies, this way, you will be able to manage your budgeting system also. You will save a lot of money from going to the wrong direction and this will help you to take care of your other necessary expenses.

Keep in touch for any kind of suggestion from the community. We will share our knowledge with each other and live a debt free life.

Regards
Roxette

Thanks again for the welcome Roxette. I feel like I'm a pain in everybody's rear with all the questions I have been asking. I am learning so much in such a short amount of time. I took two more positive steps today. I contacted the division of financial instituations in Nevada to see if there is anything I can do with one payday lender who robbed me blind. I also e-mail the division in my state to see if there is anything that can be done if they aren't licensed in my state. I know people are really trying to crack down on these loan sharks. One step at a time. I made my first payment to my debt consolidation company yesterday so I'm that much further out of debt!!! I'll make the second one at the end of the week. Now, I can finally catch up on some other bills as well. It's going to be tight for awhile but there is a light at the end of the tunnel.

msmishele30, file your complaints wherever necessary. The federal authorities will take necessary actions after they receive consumer complaints in large number. It is very important for everyone to notify the authorities and stop the companies from doing fraudulent activities.

Don't feel bad about the things happened in the past. Keep making regular payments towards your debt account. Don't miss them in anyway otherwise the benefits extended to you now won't be available later. I will keep you in my prayers :)

Regards
Roxette