Payday loan lenders prepare for a state-wide battle as legislation was recently introduced to the Texas State Senate by Sen. Wendy Davis, D-Fort Worth, that seeks to regulate the short-term lending industry. The industry is composed primarily of payday lenders, title loan lenders, pawn shops, and tax-refund advance lenders. Read the rest of this entry »

Here at ‘About Payday Loans’  I like to bring you the new in the payday cash advance lending industry as well as be a resource for all those considering payday loans and what to consider before doing so.  But this time I don’t have good news to report.

As  of December 8, 2010 the FBI sent out a press release for public distribution alerting all payday loan customers of the fraudulent activity that is going on.  Apparently, there are a band of unscrupulous individuals going around posing as fake payday lending companies contacting real customers saying that they are late on payment and demanding immediate payment.  There are reports that these criminal groups are also trying to squeeze out private information from the customers they are contacting to obtain credit card and other personal details.  There is a way to find out if these companies are real or fake.  In many cases, customers have just acquired a payday cash advance loan and days later receive a call from the criminals demanding payment in full.  This is a sure sign that who you are dealing with is fraudulent.  Payday loan companies know when your loan is due and if you are not late or the date does not fall within the agreement you made with your payday loan center, don’t fall for it.  Here are some things to look for and tips to follow:

• NEVER ever give your information to a stranger calling your home or cell until you verify that they are who they say they are.
• Ask for contact information, i.e. phone number, address or anything you can collect and call us immediately!
• Ask lots of questions! Ask for a state license number. A legitimate company will supply you with this without problems.  Ask them to supply you with account number and other personal information that the company should already have on file. IF the person calling you tells you they need to verify that they are calling the right person by you providing personal information, then hang up. They are not your payday lenders!