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Payday Loan Laws In Georgia

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payday loans without a checking account,Paydayloansturbo.com Do you need instant loan? If you are looking for a way to get instant cash to tide you over until the next payday then applying for payday loan is the fastest way to get what you need. Cash advance or short term loan are legal in Georgia, so you have nothing to be worried about especially if you know the payday loan laws of the state.

The state of Georgia allow payday lenders to operate online or offline, so when you need cash for emergencies or to pay for unforeseen expenses then borrowing a small dollar loan is ideal especially if banks already refuses you.

Payday Lenders License Requirements

In Georgia, payday lender companies must secure a license and post security bond amounting to $100,000 to get their accreditation with the Georgia Department of Banking & Finance. Applicant or business applying for a license must have good financial standing, experience, and character to operate legally in the state.

Payday Loan Interest Fees

Payday loan lenders in the state of Georgia cannot charge their customers more than 15% of the total loan amount or face value of the check. Take note, there are no regulators for payday lending in the state, loan companies are the ones to assess the right loan interest per borrower, but provided the interest fees and finance charge does not go over $45.

The Payday Loan Agreements

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$100 up to $1000

In Georgia, the contract for payday loans must be written in an easy to understand manner and the loan amount expressed in U.S dollars. The contract should disclose the APR, date of loan, amount, and finance charges.

Borrowers of payday loans must also ensure that they have no outstanding loans before they apply again since it is against the law to apply for a payday loan when there is a balance. But they can apply with other payday lenders provided they should not have more than 4 loans at any given time or have revolving loan balance of $500 or more.

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