Payday Lenders Slapped With More Than $1.2 Million in Fines Following DFI Research

Payday Lenders Slapped With More Than $1.2 Million in Fines Following DFI Research

Olympia, WA – In their state’s biggest lending that is payday action, the Department of finance institutions (DFI) filed fees against payday lenders, Advance Til Payday and Zippy money. The payday lenders made over 400 loans in excess of the state’s $700 maximum loan limit among the numerous allegations of misconduct. DFI promises to revoke both companies’ licenses, ban the people from conducting business in Washington State, enforce fines, purchase restitution, and charge for the expense of the investigations. The firms may request a hearing to guard the fees.

«we shall not tolerate payday loan providers harming customers by overstepping the appropriate limits set because of the legislature,» stated Deb Bortner, Acting Director of DFI’s Division of customer Services. «DFI will carry on working faithfully to analyze customer complaints and control violators of Washington’s payday financing rules.»

The department uncovered evidence that Advance Til Payday and Zippy Cash have common ownership though the two companies represented themselves as two separately owned entities. Loren C. Gill, President and owner of WCS Loans, Inc. d/b/a Advance Til Payday (Advance Til Payday), and Daniel M Van Gasken, handling Member and Executive Trustee of Zippy money, LLC d/b/a Zippy Cash and d/b/a Advance Til Payday (Zippy money), are known as within the fees. papers indicated that Van Gasken acquired ownership fascination with WSC Loans, Inc., but did not alert DFI for the modification.

The division examined shop places of both payday loan providers in Puyallup, Tacoma, Olympia, and Lacey. It had been found that many borrowers simultaneously received loans from numerous branches of both shops.

The Puyallup is visited by a borrower branch of Advance Til Payday to borrow $700. (más…)