State cites online payday lender

The California Department of Corporationson Monday fined the operator of, alleging the online payday lender is operating without a license.

The enforcement order targets Northway Financial Corp. Ltd. and Northway Broker Ltd. of Malta with fines totaling $32,500 for 13 violations. The agency says the company is soliciting California residents online with loan offers on its Pixycash website.

“This type of order is our first step against aggressive and unchecked online solicitations,” said Corporations Commissioner Jan Lynn Owen, in a news release. “The Department is committed to combating this growing menace to consumers, even when the perpetrators are located offshore.”

The Department of Corporations so far this year has issued alerts about online unlicensed lenders including Bottom Dollar Payday of Costa Rica, CashLine LLC of Malta, Cash Yes and Hong Kong Partners of Belize, Payday Nation of United Kingdom and Joro Resources LLC (doing business as IdealGelt) of Texas.

Author: Admin

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