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Oklahoma consumers warned about solicitations for online loans

October 26, 2006 - Ardmore, Oklahoma

The Oklahoma Department of Consumer Credit is warning Oklahoma residents about online solictations from out-of-state payday loan companies and other financial services. KTEN's Andrea Kurys reports.

Officials say the number of complaints filed regarding online offers for loans have been steadily increasing. Payday loans are intended to be a short-term solution for a financial need until the customer's next payday. They are typically quick loans with very high interest rates.

When a customer applies for a payday loan in Oklahoma, there are strict requirements in place- intended to protect consumers. The loan companies are required to verify information on employment history, check the credit of applicants, and immediately inform the consumer about interest rates and fees associated with a loan. Unlicensed, out-of-state, operators may not provide any consumer protections, and experts say fees and terms can exceed Oklahoma limits.

Ardmore credit agencies advise potential loan applicants to do all financial business in person if possible and avoid giving out any information online. Tammy Pease, the assistant manager of 'Your Credit' said, "I would not give them any confidential information regarding myself or anyone else and tell them if they need information from me, that they can give me an address that I can actually physically go to and then give them my information myself."

Pease says trouble with loans from out-of-state lenders can damage your credit score. Complaints about any payday loans can be filed with the federal trade commission at www.ftc.gov. The FTC works with consumers to prevent fraudulent, deceptive and unfair business practices.

News Source

KTEN News, Andrea Kurys, KTEN News

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