Payday lenders have been around for years, offering quick-but-pricey loans to distressed borrowers. From hundreds of walk-in storefront offices, they loan out small amounts to be paid back from the borrower's next paycheck. Today, they're getting elbowed aside by a growing cadre of online competitors who aren't licensed and who increasingly are accused of ripping off consumers. Last month, the California Department of Business Oversight warned consumers to beware of rogue online lenders - often located offshore or overseas - who offer enticing come-ons from splashy websites but who may leave borrowers little recourse if something goes wrong. "It's like Whac-A-Mole," said Mark Leyes,...
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