Cash Express Loan
The Department of Business Oversight issues a warning notice regarding Cash Express Loan. An entity calling itself “Cash Express Loan” may be offering consumer loans and/or deferred deposit transactions (also known as “payday loans”) in California without any license issued by the Commissioner of Business Oversight in violation of the California Finance Lender Law and/or the California Deferred Deposit Transaction Law. Cash Express Loan purports to provide the following telephone number and email address: +1 872-588-4199 and firstname.lastname@example.org, but no website or physical address. In or about May 2013, this entity contacted at least one California consumer offering a $2,500 loan conditioned upon payment of an upfront $280 fee, which was to be paid by purchasing a Vanilla Reload Network card, a type of stored-value card. After “loading” the funds onto the card, the California consumer was instructed to give the pin number of the card to the entity, which then withdrew $280 from the card. However, after paying the $280 upfront fee, the California consumer never received any loan funds, and repeated calls and emails to the entity have gone unanswered. California consumers are advised that this entity is not licensed by the Department of Business Oversight to engage in offering or originating consumer loans or payday loans. All persons who have communicated with the above-mentioned entity are asked to contact the Department of Business Oversight, Los Angeles, California at (213) 576-7594.