Pay day loans state-wide database (or Deferred presentment solution database) could be the official database containing the information on the pay day loans (deferred presentment deals) by licensed providers (payday lenders). Today the database was created by Veritec and supports by this company.
Just an appropriate payday loan provider has use of the state-wide database.
Purposes for producing the database:
- From the one hand, this is one way the federal government strives to shield the lending company through the insolvent debtor;
- Having said that, to truly save the debtor through the financial obligation gap.