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Georgia Payday Loans
Even though payday loan loans are not legal in the state of Georgia, you can still get fast financial help by using LoansPayday.info. We make your life more comfortable financially by offering you the convenience of a payday loan. Even though they are not available to residents of Georgia, we are still able to provide you with other financial choices to get you the money you need in your bank account today, even within an hour of application.
Payday Loan Lending Laws Of Georgia
In the state of Georgia, it is a felony to charge more than 60% interest to a loan that's less than $1,000. In April of 2004, Georgia was one of nineteen states that introduced the legislation on the banning of payday loan lending. A company ended up being charged after it was caught making their customers pay an interest rate that corresponded to 600% simple interest rates. This company was called EX Cash, Inc. They were charging $25 for every $100 that their customers borrowed for fifteen days. They also attempted to use different check-cashing fees to try to hide what they were doing.
Georgia does not have any payday loan companies.
If you are a resident of Georgia and are looking to find a great payday loan company, look no further than LoansPayday.info. Even if you do not live in Georgia, you can still use us as we deliver our services to anyone who resides in the United States. You can borrow the money you need today and then pay it back with your next paycheck; it's that simple! Check us out at LoansPayday.info to get the money you need.
There are always things that happen in life that cause us to need money unexpectedly. Your bills may be mounting, or you have to get something for a special event and are not sure where you are going to get the money. Whatever the reason, apply at LoansPayday.info to get quick cash for all your needs. Our site is user friendly and easy, and you will see that our application for a loan is simpler than any you will find anywhere else.
All you have to do is borrow what you need now, and then pay us back when your paycheck comes in. We process your application as quickly as possible to ensure you get the money you need right away. Your information will also remain confidential, as we respect your privacy. For any financial situation, we are here to help you get out of it. You can count on LoansPayday.info for a Georgia payday loan that will help ease your money troubles today.
Georgia payday loan lenders have been affected by the Bill HB 515. There are many factors that are now regulated carefully by this bill, such as: fees, licensing, terms, default, and rollovers.
All Georgia payday loan companies are now required to have a license, which is obtained through the Department of Banking and Finance. A license can be obtained as long as the company complies with all the state of Georgia's requirements concerning payday loan companies. They must have a legal name, a physical location, a minimum net worth of $25,000, records for their business that can prove their net worth, and a list of any criminal wrongdoings. A surety bond must also be obtained by the person whose name appears on the application for a license in the amount of $100,000. These requirements must be met before the license is issued. The applicant must also have experience, character, proven financial responsibility, good financial standing, and general good health.
The fees in the state of Georgia are also carefully regulated. The amount of 15% is the highest a lender can charge for the face value of a check in a payday loan situation. Fees are not to go over $45. There are no term regulations in Georgia.
The agreement between borrower and lender needs to be clearly written and understandable, with the annual percentage rate and amount of fees in US dollars clearly marked. This contract must include the date the transaction occurred. The borrower must also disclose that there are no outstanding balances due on his or her part.
Rollover terms and default terms are other terms that Georgia legislation looks at. If a borrower defaults on a loan in the state of Georgia, whether their account is closed or they have insufficient funds, the lender can seek any legal way to reclaim their money. Rollovers are permitted, but a borrower can't take out more than 4 loans at one time. Their balance may also not exceed $500.
The unemployment rate for Georgia was 5.0 as of January of 2006. This is 0.3 lower than the rate of January 2005, and the lowest unemployment rate within the past ten years in Georgia was 3.5. Georgia had 230,195 unemployed residents in January 2006.
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