Several stories this week have surfaced on this issue, and for a Friday we thought you might want to watch some video coverage. As mentioned in the story, the latest report out of the DFI in Washington shows that, of the licensed entities of which the DFI tracks, consumers paid $122 million dollars less in payday loan fees than they did in 2009. But what we want to know is whether or not these numbers include unregulated entities? Does the DFI accurately portray the full lending picture in Washington?

Such restrictions on payday lending would merely force consumers to use higher cost providers, some of which are unregulated and unlicensed. In the wake of the Washington state restriction, some regulators and legislators said that they have seen an increase in consumers turning to unlicensed and unregulated lenders who may operate beyond the reach of state regulators.

Unlicensed lenders are not accountable to the state either through state examination or compliance standards. DFI’s enforcement chief said that even if the agency can get a subpoena to go after an illegal lender, it’s difficult to get a response and difficult to enforce the subpoena because the lender is either out of state or in another country.[1]

A direct solicitation from The Today Show says they want to hear from you! Meaning, the customer! Here’s what they’re asking:

Have you taken out a payday loan? Email us! TODAY is looking for people to interview for a future segment on payday loans. If you are interested in being interviewed, please tell us about your loan experience and include your contact information.

If you have a story about your experience in getting a payday loan you want to share, share your story! You can go to the form, fill it out, and be honest about what you experienced with your payday loan.