If you are planning to borrow money from any payday lender then you need to be careful.  A warning has been issued by the Department of Financial Institutions regarding unlicensed lenders. It aims to inform consumers about a growing threat: many unlicensed lenders offer you services which are considered illegal.

The department has also offers consumers an easy solution to this problem. It asks you to verify the licenses of the lender. Payday lenders are required to have a license under DFI before they can begin business. If they fail to do so, their business is not legal.

It is very easy to check if the lender is licensed or not. You just need to visit the website “http://www.dfi.wa.gov” www.dfi.wa.gov and check the lender’s license there.

Remember to check your lender’s license before committing to a payday loan, and make sure they are within regulations at the time of your loan.

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