Business

Beware of Maltese payday loan company

If you got that payday loan from an outfit in Malta, then this consumer alert from the state Department of Financial Institutions may be a little too late to help. For the rest of you – be warned.

DFI this week said a company called Northway Financial, doing business as “Cash Transfer Centers,” doing business as “Zip19. com,” provides payday loans via the Internet. The company is located in Malta and is not licensed to do business In Washington.

The department warned consumers “to verify the license of any lending professional” they intend to work with.

DFI has taken formal enforcement action against the company but is unable to pursue additional action because it is located outside the United States.

If you feel you have been a victim of a loan scam, DFI suggest contacting the Federal Trade Commission at 1-877-382-4357 or online at www.ftc.gov.

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