Payday lending had been never legal in Georgia. However the penalty for providing payday advances ended up being never ever harsh adequate to deter lenders, nor made it happen supply the police snap this site much incentive to enforce regulations.
that every changed in might 2004 when Governor Sonny Perdue finalized into legislation the nationвЂ™s strongest defenses for customers against payday loan providers. Payday loans are short term installment loans that lack conventional barriers such as for instance credit checks and allow borrowers to instead utilize post dated paychecks as collateral.
Before GeorgiaвЂ™s anti law that is payday finalized, payday loan providers regularly ensnared working Georgians, solitary moms and dads, instructors and cops in a straightjacket of financial obligation. A whole lot worse, these continuing businesses clustered around armed forces bases as well as in bad areas, using through the tables of GeorgiaвЂ™s neediest families.