Darrin Anderson
“Appropriate state regulations provide strong protections for consumers, while ensuring continued access to choices for short-term credit needs… That same principle should apply in cyberspace.”
Payday loan industry trade group president Darrin Anderson believes that online lenders should be licensed in each state where they do business and has introduced a new guideline for member companies…
The Community Financial Services Association of America (CFSA) added the following guideline to their Best Practices for the Payday Advance Industry:
“Internet Lending: A member that offers payday advances through the Internet shall be licensed in each state where its payday advance customers reside and shall comply with the disclosure, rollover, rate, and other requirements imposed by each such state, unless such state does not require the lender to be licensed or to comply with such provisions, or the state licensing requirements and other applicable laws are preempted by federal law.“
In a CFSA press release, Anderson said that customers doing business with online payday loan companies should have the same protections as those doing business offline:
“Customers who choose to get a payday advance online should not forfeit any of the protections they would have at a store-front lender… we are taking an important step toward ensuring that this service is both convenient and safe for consumers.”
Darrin Anderson is president of the Community Financial Services Association (CFSA), a payday loan industry trade group.
Source: Payday Advance Industry Announces New Protection for Customers Seeking Payday Loans Online (CFSA Press Release)
In our Payday Loan Checklist – Ten Things You Must Do Before Applying for an Online Payday Loan published last year, “Check License” is Number 6. Be sure to read the rest of the list.
Also, don’t forget to Compare Online Payday Loans and read Payday Loan Checklist – Six Things You Must Do After Taking Out an Online Payday Loan.
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