Online payday lender fined $90000
An online lender that charged borrowers interest rates as high as 2737 percent was fined a record $ 90,000 by state regulators.
In February, the business newspaper documented the growing problem of payday lenders online illegal.
In 2006 and 2007, Oregon legislators passed a series of aggressive measures to reduce the payday loans, including a 36 percent ceiling on interest rates. About 80 percent of payday lenders in the State of brick and mortar closed since then, leading some borrowers to the Internet for emergency funds.
Many of these online payday lenders are not allowed to do business in Oregon and charge exorbitant fees, including Utah-based Global Payday Loan LLC, the subject of the fine announced Wednesday.
The fine resulted after World Payday loan in September Oregon consumers between $ 100 and $ 500 each through the website of payday-yes.com. It charges interest rates between 353 percent and 2737 percent on loans, according to a cease-and-Desist Order issued by the State.
"Oregon law protects consumers from paying excessive interest rates and fees for payday loans, and we will take action when lenders break the law," said David Tatman, administrator of the Division of State finance and corporate securities, in a news release.
Before getting a payday loan, consumers are advised to consult the ministry's website to see if a lender is allowed. Reach the department at 1-866-814-9710.
The enforcement action against payday lenders can be found on the Ministry's website.
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