Is bottom dollar payday (online) legal in CA? I t

Is bottom dollar payday (online) legal in CA?
I took out a $400 loan and have paid back $620 so far.. every two weeks a $120 loan fee. I havent been able to pay off the principle yet since my hours were cut back at work and I am having a hard time finding another job to help me with bills. I am drowning right now. please help.

6 Answers

I just called California Dept. of Corporations and Bottom Dollar PayDay Online Lending is not legal in California and they are not licensed for this state.


They are NOT licensed by DFI, nor registered to conduct business in Washington by the Department of Licensing, the Department of Revenue or the Secretary of State. This statement was issued by The Washington State Department of Financial Instituations January 6, 2012.

 


Does anybody know if Bottom dollar payday loans is licensed in Washington state


I recently found out that almost all of the online payday loan companies are illegal. You should always check to see if a lender is a member of the CFSA. Those companies are legal. I was in payday loan hell due to my husband being unemployed. We turned to payday loan companies just to survive. I learned a valuable lesson, never ever take out a loan from an illegal lender. I have closed my accounts and so far, the illegal payday loan companies are leaving me alone and have withdrawn from further collection attempts. Some, I haven't had to pay anything back to, at all. Please be sure to file complaints with the BBB, California Deparment of Corporations and with the FTC. Also, contact your state's attorney general. Another thing, pray, pray, pray. I did and thank God, I am definitely seeing the results.


The contact detail of the California Department of Corporations is as follows:
# Address - Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
# Phone - (866) 275-2677

If you find that the lenders are not licensed in your state, then you are required to pay them only the principal amount. If you have paid them more than the principal, then you should ask them for the refund. You will need to close your bank account asap so that they can’t dbit money from your account in future.

 


You should contact the California Department of Corporations in order to find out whether or not bottom dollar payday (online) is legal in California.


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