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Tuesday, 1-Feb-2011 15:21 Email | Share | | Bookmark
Georgia Regulations Regarding Cash Advance Quid Loans

 
Before taking out a Quid Loan, it is important to understand accurately what the process entails and to know all regulations regarding them in your state. Not every state, for instance, is a payday loan state at all, meaning paycheck advances are either prohibited altogether or are basically unfeasible because of state law. Payday lenders have become notorious for charging astronomical interest rates and for antagonistic collection practices. These pressure have driven many borrowers to debt, which in turn has bred heated lobbying against the business and influenced legislation prohibiting high-cost payday lending in its most common form in many states. In those states, if it is not clearly deemed illegal by law, it is made basically impossible by means of strict usury laws that cap the cost of credit at a certain nominal annual entitlement rate (APR) set down by the state government.
Laws Prohibiting Payday Loans in Georgia
The mainstream of states still allows and regulates payday lending, but over a quarter of states do not. Though payday lending has become a multibillion-dollar business in the United States, it is illegal to make or take out a payday loan in Georgia, for instance. Georgia has a long history of legislation banning high-cost payday cash advances, beginning with the Georgia developed Loan Act ("GILA") of 1955, which requires state listing and licensing and imposed very severe usury limits on small short-term loans. Under the statute, unlicensed lenders are limited to charging an eight-percent interest rate on consumer loans of $3,000 or less.

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