Do you live in the state of Georgia and need a way to get cash fast because your son is in the hospital or your car broke down? Or are you moving to Georgia soon, but know that you may need to get Payday Loans for yourself in an emergency in the future? Or are you just simply curious what the laws are in the state of Georgia concerning Payday Loans. This article will paraphrase information on legislation and laws in the state of Georgia. The state of Georgia has the most laws against Payday Loan Lenders and there's a good chance that other states will follow suit in the next 10 years as the industry matures. Here at FastPaydayCashAdvanceLoans.com you cannot even get a loan if you live in the state of Georgia through our website, because most of the vendors we go through prevent customers that live in that state. So if you're in need of quick cash, you may need to find a friend that could loan you the money, or other small loan from a lending company such as a bank.
Usury Laws in the State of Georgia have a limit on the interest rate amount any given lender can charge. In the Georgia an unlicensed lender cannot charge interest over 8% when the loan amount is less than $3,000 dollars.
The Industrial Loan Act of 1955 made payday lending illegal, by making it so that payday lenders had to receive a license and register with the state as well as the amount of interest the lender could charge on a small loan had to be below a certain percent. It was in 2004 that Georgia increased the provisions under this law that made the fines and criminal charges higher which is why a lot of Payday Vendors do not do business in the State of Georgia, because they must be licensed and cannot make the same amount on a loan as it would from a resident living in Florida The State of Georgia can incure a fine as high as $25,000 per violation and possible jail time up to 25 years.
Some good suggestions that we found on the Georgia Government site to avoid using Payday Loans include doing one of the following:
If you're not in an emergency situation, or atleast not yet, you should set up a budget, so that you have extra cash available in case of an emergency.
Written By John Alexander
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