This Business Is Not BBB Accredited

MyPaydayLoan.com

MyPaydayLoan.com

(888) 269-2303

MyPaydayLoan.com

UNKNOWN
South Plainfield, NJ 07080
BBB File Opened: 08/13/2009
Additional Information
  • 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 ...
  • 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.

F

Alert

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

BBB Reason for Ratings

BBB rating is based on 13 factors: Get the details about the factors considered.

Factors that affect the rating for MyPaydayLoan.com include:

  • 6 complaint(s) filed against business
  • BBB concerns with the business's practices.

Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.
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BBB reports on known significant government actions involving the business's marketplace conduct.
BBB reports on a company that is out of business for three years from the date the company closes its doors or ceases to do business.
BBB reports on unauthorized use of the Better Business Bureau's name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.
BBB reports on a business’s bankruptcy as long as the business remains in bankruptcy.
BBB reports when mail sent to the business was returned by the Postal Service.

MyPaydayLoan.com

THIS BUSINESS IS NOT BBB ACCREDITED

MyPaydayLoan.com

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