Finding Out if Payday Loan Companies are licensed
Date: Wed, 02/22/2006 - 10:32
I have a couple of different questions. How do you find out if a payday loan company is licensed in your state? If they are not licensed, then how should you proceed or what are your responsibilities as a consumer. Or is it illegal for them to even conduct business with you?
Thanks....
Contact the Financial Division in your state or the Attorney Gen
Contact the Financial Division in your state or the Attorney General office. If they are not licensed to lend in your state they could face severe fines and penalties.
You need to read over the loan documents carefully. Many online
You need to read over the loan documents carefully. Many online loan companies tell you that the loan is being done out or another country, and not your home state.
Mike
I think if a company is not licensed to do business in your stat
I think if a company is not licensed to do business in your state, they cannot offer a service or product to you. It's illegal.
But I'm not sure on what can I do if I find this after doing business with them. Should I still pay the money back (IMO, I should) or I should file complaint against them.
From research on this topic, I have used the fact that a company
From research on this topic, I have used the fact that a company is not licensed in my state when I have had outrageous fees or have been repeatedly harassed by them. You can also find out the state laws regarding payday lenders online with the department of financial institutions. It my state, they must be licenesed in order to do business. I'm not trying to get out of paying my debts but I am seeking fair treatment while doing so.
Mikey, That is a good point. Also, if they are not licensed
Mikey,
That is a good point. Also, if they are not licensed to do business at all, this point is kind of moot in my opinion because they might threaten you somehow but they really can't back it up when push comes to shove.