Unregulated Internet lenders hurt the reputation of the industry. Oklahoma is moving to regulate them. From the article:
“That’s an area where we receive a lot of complaints,” said Butch Hooper, administrator of the state Department of Consumer Credit.
There are many dangers with taking out a payday loan over the Internet. Hooper said his agency will propose legislation this year that would declare Internet lending contracts to be null and void if the lender is not licensed