Nine Internet payday lenders who arent licensed in Idaho have been ordered to stop making loans in the state by the Idaho Department of Finance.
The companies are scattered in countries around the world, including the West Indies, New Zealand, Canada and Belize, department officials say.
Companies include: -- Aboriginal GR Enterprises, also doing business as SignMyLoan.net Center, Invicity, Cash Advance Service, NLS CashAdvance, GoMyTown, LLC, US National Payday Loan, and Enom, Inc. (Vancouver, B.C.) -- Fast Funds, LLC also doing business as FasteFunds.com (West Indies) -- Hydra Financial Limited Loan Fund I also doing business as Hydra Financial Limited Loan Fund II, Hydra Limited Loan Fund III, and Hydra Limited Loan Fund IV (New Zealand) -- Cash Jar, also doing business as Down Under Ventures LTD and Hong Kong Partners, LTD (Belize City, Belize) -- GTI Holdings, LLC (Wilmington, Del.) -- VIP PDL Services, LLC also doing business as The VIP Loan Shop (West Indies) -- Shoreline Online, LLC (Kansas City, Mo.) -- Huskhawk Group LTD, also doing business as Huskhawk Marketing Group and Huskhawk Marketing Company (West Indies) -- Vince Enterprises LTD (Encino, Calif.)
Gee said one Idaho consumer who responded to an unlicensed Internet payday lender by putting an e-mail address in an online form. Within two days, that consumer received more than 30 email solicitations from unlicensed internet payday lenders offering high-cost payday loans, he said.
Providing bank information to unlicensed lenders is risky, said Gavin Gee, director of the Idaho Department of Finance. That information becomes a hot commodity that may be sold or transferred to others, often leading to further consumer abuses, including aggressive and unlawful collection tactics, fraud, and identity theft, Gee said. Unlicensed internet payday lenders can immediately sell or transfer your contact information all over the world once they have that information.
Payday lenders must be licensed in Idaho to make loans. You can check who is licensed at http://bit.ly/WDeCGa