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Friday, 25-Mar-2011 20:29 Email | Share | | Bookmark
Georgia Regulations Regarding Cash Advance Quid Loans

 
Previous to taking out a payday loan, it is important to understand precisely what the process entails and to know all regulations regarding them in your state. Not every state, for example, is a payday loan state at all; meaning paycheck advances are either prohibited altogether or are basically unfeasible because of state law. Payday lenders have become notorious for charging astronomical interest rates and for hostile collection practices. These stresses have driven many borrowers to debt, which in turn has bred heated lobbying against the business and influenced legislation prohibiting high-cost payday lending in its most ordinary form in many states. In those states, if it is not openly deemed illegal by law, it is made almost impossible by means of strict usury laws that cap the cost of credit at a positive nominal annual percentage rate (APR) set down by the state government.
Laws Prohibiting Payday Loans in Georgia
The majority of states still allows and regulates payday lending, but over a quarter of states do not. Though payday lending has become a multibillion-dollar industry in the United States, it is illegal to make or take out a payday loan in Georgia, for instance. Georgia has a long history of legislation banning high-cost payday cash advances, beginning with the Georgia Industrial Loan Act ("GILA") of 1955, which requires state register and licensing and imposed very strict usury limits on small short-term loans.

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