Idaho Finance Department warns of the danger of borrowing from unlicensed Internet payday lenders

The Idaho Department of Finance ordered nine unlicensed Internet payday lenders
to stop making illegal loans in Idaho.

Gavin Gee, director of the Idaho Department of Finance, said the unlicensed lenders that were ordered to stop making illegal online payday loans targeted their Idaho victims from distant locations throughout the world, including the West Indies, New Zealand, Canada, and Belize.

Gee advised the public to never borrow from unlicensed Internet payday lenders.

“Providing bank account information to scofflaw lenders over the Internet is fraught with peril,” Gee warned. “Consumers need to know that when they provide private financial information over the Internet to someone they don’t know, 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.”

The unlicensed payday lenders ordered to stop making illegal payday loans in Idaho 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, British Columbia, Canada)
  • 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, DE)
  • 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)

To illustrate the impact of dealing with an unlicensed Internet payday lender, Gee told of an Idaho consumer who responded to an unlicensed Internet payday lender by merely inserting an email address on the online form.

“Within two days, that consumer received more than 30 email solicitations from unlicensed Internet payday lenders offering high-cost payday loans,” Gee said. “Unlicensed Internet payday lenders can immediately sell or transfer your contact information all over the world once they have that information.”
A payday loan is a cash advance secured by a personal check or by an electronic payment authorization. Gee urges Idahoans to be aware of their rights when considering a payday loan.

“If you are considering a payday loan, prior to obtaining the loan, be sure that the lender is licensed with the department.”

Whether the payday lender is an online company or is local, it must keep up a license with the department to offer and make payday loans in Idaho.

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