Washington, DC - Attorney General Robert J. Spagnoletti announced today that his office has entered into an agreement with Yourcashbank.com -- a Utah-based company that offered "payday loans" to consumers in the District of Columbia and across the country. Yourcashbank.com has ceased providing payday loans to consumers in the District of Columbia and will cease to collect any additional money from consumers in the District of Columbia who have outstanding loans with the company.

The Voluntary Compliance agreement is the result of an investigation by the Office of the Attorney General which found that Yourcashbank.com was charging excessive interest rates and fees on its loans, which it collected through automatic withdrawals from consumers' bank accounts. Yourcashbank.com had also failed to obtain the necessary license from the District of Columbia government to provide payday loans.

"Lenders who want to provide loans to District of Columbia consumers must comply with all of our local laws, even if they operate over the Internet," said General Spagnoletti. "Payday loans can be a very expensive way for consumers to borrow money. I urge consumers to carefully examine the fees and interest rates on these loans, before they enter into an agreement with a lender." Under District law, licensed lenders may make high-interest payday loans by holding checks for deferred deposit, not by arranging for future debits from consumers' bank accounts.

Yourcashbank.com had offered loans to District of Columbia consumers over the Internet and through newspaper ads in the Washington Post Express newspaper which read: "Real Money, Real People Real Fast!!! $100-$500. No Credit? No Problem !"

Consumers with questions about this action can call the Office of the Attorney General's ("OAG") consumer complaint hotline at (202) 442-9828 or contact OAG online at http://www.oag.dc.gov. OAG's website also contains consumer education information and tips.