Payday loan providers have been in existence for many years, providing quick-but-pricey loans to borrowers that are distressed. From hundreds of walk-in storefront offices, they loan away little amounts to be repaid through the borrowerвЂ™s next paycheck.
Today, theyвЂ™re getting elbowed aside with a cadre that is growing of rivals who arenвЂ™t certified and whom increasingly are accused of ripping off consumers. Final thirty days, the Ca Department of Business Oversight warned customers to watch out for rogue online loan providers вЂ” usually found overseas or overseas вЂ” who provide enticing come-ons from splashy web sites, but whom may keep borrowers small recourse if one thing goes wrong.
вЂњItвЂ™s like Whac-A-Mole,вЂќ said Mark Leyes, spokesman for their state Department of company Oversight, or DBO. вЂњWeвЂ™re wanting to compile a listing of unlicensed organizations, nevertheless they change their business title in one week towards the next.вЂќ