But on the Internet, its harder to tell if a company has a state license. To find that out, consumers have to read the fine print on a lenders website.
If theyre not licensed, lenders may not be obeying the law. Borrowers online have a dizzying amount of choices for payday loans, said Feltner. One of the biggest concerns is that those loans are not all regulated -- they dont always comply with consumer protection laws in the states where they operate.
The online lending industry says small-dollar loans can be helpful for people who dont qualify for traditional forms of credit.
Since the hdfc personal loan against policy crisis, banks have tightened their lending requirements, said Peter Barden, a spokesman for the Online Lenders Alliance, a lobbying group.
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