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            Business ProfileforMyPaydayLoan.com

            Payday Loans

            Current Alerts For This Business

            Alert:
            BBB has received multiple reports from consumers that MyPaydayLoan is
            attempting to threaten consumers to collect debts which are not owed.

            Additional business information

            Additional Info:

            Payday Loans in NJ
            It is an unlawful practice under the Consumer Fraud Act, for any person to engage in the business of making deferred deposit or “payday” loans to consumers in New Jersey.
            New Jersey banking laws prohibit anyone from cashing or advancing any money on a postdated check.  New Jersey Legislature   A3719    re: Payday loans. http://www.njleg.state.nj.us/2012/Bills/A4000/3719_I1.HTM
            Usury is an excessive or unlawful rate of interest. New Jersey's usury laws cap interest at 30 % per year. A payday loan can have interest of 250 to 600 % per year. Therefore, a payday lender cannot operate in New Jersey because its interest rates would far exceed the limits set by the state. The bill’s provisions apply to payday loans made by lenders, wherever located, and made by any means, including, but not limited to: in-person contact, Internet, mail, telephone, print, radio, or television. An unlawful practice under the CFA is punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense. 

            Internet Payday Lenders
            Internet payday loans are illegal in a number of states. As of the most current information, these are: Arizona, California, Ohio, Montana, Arkansas, New York, Pennsylvania, West Virginia, Georgia, New Hampshire, Vermont, Massachusetts, Connecticut, New Jersey, Maryland and the District of Columbia. Despite this, some online lenders illegally lend money to customers in these states.
            If you live in any of these states and an online lender threatens to sue, check your state's usury and consumer protection laws. You will likely have a valid defense, as you can’t be legally bound to an illegal agreement.
            If you’ve been the victim of a payday loan scam or if you’re struggling with payday loan debt, contact an experienced attorney about your rights.
            For  free legal assistance,  visit  your state’s legal aid website: In New Jersey -  http://www.lsnj.org/ .      

            Also, see if a family member or a friend can give you a small loan.  You may also be able to get a cash advance on your credit card. The interest rate will be higher than that of a traditional bank loan, but far lower than that of a payday lender . Consider if  government programs may be able to give you the help you need.  In New Jersey WorkFirst  provides temporary cash assistance and many other support services to families through the Temporary Assistance for Needy Families (TANF) program.  Visit  http://http://www.state.nj.us/humanservices/dfd/programs/workfirstnj/

            For more information please visit CONSUMER FINANCIAL PROTECTION BUREAU's answers to related questions: 
            "My payday lender told me I could be arrested if I failed to pay back my debt. Is this true?
            UPDATED 11/6/2013 http://http://www.consumerfinance.gov/askcfpb/1631/my-payday-lender-told-me-i-could-be-arrested-if-i-failed-pay-back-my-debt-true.html
            No, you cannot be arrested for defaulting on a payday loan. You should report the lender’s threat to your state attorney general. You can also submit a complaint with the CFPB online or by calling 1-855-411-CFPB (2372).
            (Nevertheless, if a lender has obtained a judgment against you and you ignore an order to appear in court, a judge may issue a warrant for your arrest. You should never ignore a court order. If you get a court order to appear, you should go to court and provide any required info)"

            Caution – your personal information may be  a real target, not  a loan:  
            Internet payday lenders may sell or pirate personal financial information even before a loan is agreed to or the borrower opts to not complete the transaction. - Your lender may be operating out-of-state or overseas, which means if they violate the law it is hard to track them down, prosecute, and recover your lost funds. Consumers are strongly warned against entering personal or financial data on Internet-based application forms. Such data can be misused or pirated even before a loan is agreed to by the borrower.
            Example:
            The Washington State Department of Financial Institutions (DFI) received a report that Mypaydayloan.com may be providing consumers’ personal information to a third-party who appears to be running an advanced fee loan scam. http://dfi.wa.gov/consumer/alerts/mypaydayloancom-unlicensed-payday-loans.

            Remember payday loans with their enormously high interest rates often mean a spiral of debt.

            See all additional business information

            At-a-glance

            Customer Reviews

            This business has 0 reviews

            Customer Complaints

            13 complaints closed in last 3 years

            0 complaints closed in last 12 months

            Customer Reviews are not used in the calculation of BBB Rating

            Reasons for BBB Rating

            Business Details

            BBB File Opened:
            8/13/2009

            Industry Tip

            BBB Tip: Payday loans

            Customer Complaints

            13 Customer Complaints

            Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews

            File a Complaint

            Most Recent Customer Complaint

            10/14/2022

            Complaint Type:
            Billing/Collection Issues
            Status:
            BBB unable to locate business
            I applied for a $500 loan from ************ on 6/13/22. They do not allow you to pay off and charge an exorbitant interest amount every 2 weeks which is illegal in the *******************. This loan has been paid off. MyPayDay loan deposited $800 to my bank account 9/2/22 which I did not request. I cannot event contact anyone to dispute and take back this transaction. ************* withdrew $240 from my account on 8/30 and attempted to withdraw $120 today. I have since notified my bank to block this company. It is impossible to retrieve any of my previous account information on their website. To date I have had $1640 withdrawn from my account I cannot afford to have this company continually withdrawing from my account. They have now been blocked by my bank. I receive constant spam emails, calls, texts day and night since dealing with this company. Their lending practices are illegal in the ******************* and this company needs to be reported to the Consumer ************************* and be shut down. PLEASE help to resolve this.

            Customer Reviews

            0 Customer Reviews

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            How BBB Processes Complaints and Reviews

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            Local BBB

            BBB Serving New Jersey

            BBB Reports On

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