How To Compare Loans in Georgia
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Payday Loans in Georgia
The state of Georgia prohibits the issuance of cash advances from non-banking institutions. However, out-of-state banks can still offer payday loans to residents as long as they are FDIC insured.
To be eligible for a Georgia payday loan, borrowers must:
- Be at least 18 years of age.
- Have a stable job and earn at least $1,000 a month.
- Have a valid bank account that is free of overdrafts and negative balances.
The law of Georgia State prohibits lenders from issuing payday loans that are more than $3,000 in total.
When it comes to Georgia payday loans, the stipulation period of which a lender can stretch a loan is not more than 36 months and 15 days.
Lenders cannot charge anyone more than 60% per year for their loans.
Georgia Payday Loan Regulations
|Interest Rate (APR)||10% small loan cap|
Georgia stopped payday lending in the state in 2004 when it put a 10% APR cap on small loans. There are currently no payday lenders in Georgia. Moreover, predatory high-cost lending is considered a felony in GA, and therefore, can be criminally prosecuted.
However, loans may be granted to borrowers in Georgia, subject to the following:
- The maximum loan amount is $3,000.
- The maximum loan term is 36 months and 15 days.
- The maximum APR is 10%.
- The maximum origination fee is 8% of the first $600 and 4% thereafter.
This is a good example of how limited restrictions effectively stop payday lending within a state.