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Payday Lending

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Please note that the Georgia Department of Banking and Finance does not regulate payday lenders. 

Payday lending in its most common form is illegal in Georgia.  Payday lending is the practice of using a post-dated check or electronic checking account information as collateral for a short-term loan.  A typical payday loan involves the taking of a check and holding it for a few days or weeks (until “payday”), then depositing it or requiring repayment of the loan of $100 to $500 plus a fee or interest.

Small loans of less than $3,000 are regulated by the Georgia Industrial Loan Act.  This Act provides that persons or companies making loans and charging interest thereon at a rate of more than 8 percent (simple interest per annum) shall be subject to the Georgia Industrial Loan Act (“GILA”) and shall be required to obtain a license from the Office of the Commissioner of Insurance unless they are exempt from such licensure. 

The Georgia Department of Banking and Finance does not handle complaints relating to payday lenders.  If you are the victim of a payday lender, contact your county district attorney and notify the Office of the Commissioner of Insurance, Industrial Loan Division (404-656-2078). 

Consumers can submit an online complaint about a payday loan to the Consumer Financial Protection Bureau (CFPB). The CFPB is a federal agency established to protect consumers by carrying out federal consumer financial laws.

If you believe that a lender has violated the Truth in Lending Act, file a complaint with the Federal Trade Commission (FTC).