Considering getting a pay day loan in Georgia? You might want to give consideration to additional options.

Updated Apr 27, 2020

Although pay day loans may seem like an excellent concept, if you’re a resident of Georgia, you have got other choices that will help call at a economic crisis.

Are pay day loans legal in Georgia?

No, payday loans aren’t appropriate in Georgia. Little buck loans are heavily regulated and governed by statutes et that is 16-17-1 seq. 7-3-14 et seq. And 80 3-1.02(7). High-cost payday lending is a felony in Georgia, and all sorts of loan providers trying to circulate these loans are pursued by unlawful action instances.

Any short-term loan provider wishing to use in Georgia must adhere to the the rules outlined in 7-3-14 et seq. These declare that all loans that are small be under $3,000 for a time period of three years and 15 times. Interest is capped at 10per cent each year. Loan charges are 8% for the very first $600, then 4% for every thing above $600. These legislation use to installment loans as well, therefore make sure to check out the regards to any installment loan you make an application for. Read More