Olympia – The Washington State Department of Financial Institutions (DFI) urges consumers seeking short-term and/or small loans from companies seen on TV or online to be vigilant, read the small print and make sure any company they do business with is licensed to make loans in the state of Washington.
Consumers should be aware that Internet lenders not licensed in Washington State may also not be adhering to our state’s laws. Because of this, the protections in our state’s laws - including limitations on fees that may be charged and laws relating to collection practices - may not be available to consumers using these services should they have trouble with the lender down the line.
“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.”