Payday loan help for Georgia people
Payday loan / Deferred Presentment are prohibited in Georgia.
Applicable law: Industrial Loans act under Title 7: Chapter 3 This is applicable for the loans where sum of money does not exceed $3,000 and loan term is 36 months and 15 days or less.
Top Queries
What is the maximum fee that can be charged?
8% of the first $600.00 + 4% of the amount above $600.00
However, lenders cannot collect this fee for the part of the loan which is used to repay an older loan that was disbursed 2 months ago and the total loan amount is not more than $300.00
Lender can collect late fees of $10.00 or 5 cents per $1.00, whatever is greater, if the loan/installment is not paid within 5 days of the due date.
Where to send related queries and complaints?
Commissioner of Insurance takes care of Industrial Loans, any queries or complaints should be forwarded to them.
