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You can apply for a guaranteed payday loan online sitting at home or at work as long as you have access to a computer. One Hour Money. When you look online for a loan company that offers online personal loans or payday loans, they will always claim that they can process a fast application process. This is usually the case that all of them will approve or reject your application very fast. It may take from a minute small business cash flow loans an hour to hear from a lender. Speed Things Up.
The Department warns potential borrowers to take extra caution when dealing with unlicensed Internet payday lenders who fail to obtain a license with the Department of Business Oversight, evading state laws and regulations designed to protect consumers. The Alert provides advice and contact information to report unlicensed lenders.
What can happen if I use an unlicensed Internet payday lender. Lenders may collect from your bank account directly without your permission, even if you are unable to repay the loan. You can be charged an interest rate far higher than California law allows. Unlicensed 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. The Department of Business Oversight encourages consumers to check the small business cash flow loans status of companies prior to transacting business by calling the Department's toll-free Consumer Services Office at 1-866-275-2677.