Georgia Payday Loans
Currently, payday loans are prohibited in the state of Georgia. Payday lending was essentially forced out of the state when laws changed in the early 2000s. Lenders may not give loans that are valued at less than $3000. The maximum amount of interest that can be charged on these loans is 16%. The lender must have a vested interest of at least 50% of the amount borrowed. This means that most small loans must be given out through banks that have capital to back them. Borrowers in the state of Georgia are only able to have one loan taken out at a time.
Because small short-term loans are prohibited in Georgia, lending regulations are different than those in other states. There is no cap on the amount of money that a borrower can have outstanding. Loan terms are set forth by the lending body and not by a regulatory agency.
Payday loans are offered in Georgia via the Internet. Loans that are granted online do not fall under the prohibition of payday loans. Companies in Georgia, in Atlanta and Savannah, have also found alternative methods for lending smaller amounts of money, including pre-paid debit cards that allow for overdrafts as well as auto title loans.
Maximum Loan Amount
Not specified by the state of Georgia.
No loan restrictions.
Not specific whether borrowers are allowed to extend their loans.
15 percent is the maximum fee that a lender can charge.
For a $100, 14 day loan, the ARP is 360 percent.
Chatsworth, GA 30705
Atlanta, GA 30308
Atlanta, GA 30080
Atlanta, GA 30324
Atlanta, GA 30303
Atlanta, GA 30342
Atlanta, GA 30318
Atlanta, GA 30346
Atlanta, GA 30336
Atlanta, GA 30316
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