Georgia Payday Loans
In 2004 Georgia became one of the first states to ban payday loans. However now Georgia is considering once again offering these easy and quick payday loans to help people come up with short term solutions to needing cash. Primarily, payday loans were banned in Georgia because the legislature decided that the practice of payday loans were corrupt and almost like going to a loan shark. Georgia realized that not everyone was in the business to scam others and are considering reinstating them with newer and tough restrictions.
The new restrictions for payday loans in Georgia would consist of a bill that states that the payday loan would allow for a two week cash advance which would have a flat fee of only $15.00 per $100 borrowed. It would limit the amount borrowed to 25% of a consumer’s monthly salary. That means that if a payday loan customer made $2000 per month, they could take out a payday loan of up to $500 loans. to be paid back over the two weeks. Georgia would no longer allow the rollover a loan for payday loan customers either, so that consumers wouldn’t get too much in debt while trying to pay back the loan.
This would be something new for only payday loan customers, but if put into place it is expected that many other states may follow their lead. Currently Georgia is the only state to be considering bringing back payday loans after banning them in the first place. This can help customers in Georgia immensely since payday loans are extremely popular. In fact, the only loan companies that have left the state are the ones that followed the law in the first place, so this would allow more legal and reputable.
If the laws will change, payday loan companies will begin to operate again in georgia. Payday loans may again become a booming business in georgia and 500 loan can be helped by these companies and in the end, everyone is helped. Loan companies need to be responsible about who they are lending to. If all of these restrictions are abided by, the government might give the loan companies another shot.
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