Regulation of Payday Advances (Financial Economics)

A “payday loan” is a loan of quick length, frequently a couple of weeks, with exorbitant interest levels. Pay day loans are usually illegal in Georgia, unless produced by a Georgia certified loan that is industrial or an out-of-state FDIC insured bank provided that its representative in Georgia will not get a lot of the earnings. Loans created by a Georgia loan that is industrial are at the mercy of the terms and limits regarding the Georgia Industrial Loan Act. You should contact the Industrial Loan Division of the Office of the Commissioner of Insurance at if you have questions about an industrial loan licensee:

By online: http://www.oci.ga.gov/IndustrialLoan/Home.aspx
By mail: workplace for the Commissioner of Insurance, Industrial Loan Division, 2 M.L. King, Jr., Drive, 7th Floor, West Tower, Atlanta, GA 30334
By phone: 404-656-2078

As of the time for this writing, there are not any loan providers licensed which will make payday advances in Georgia online, however you should check out the website that is above up-to-date information.

As he or she has the authority to prosecute illegal payday lenders, or you may contact the Consumer Interest Section of the Georgia Attorney General’s Office by mail to report a lender if you believe you are the victim of a payday lender, you should contact your local county district attorney or solicitor. Please be conscious that any office doesn’t do something against illegal payday lenders on behalf of every one consumer, but functions for the advantage of their State of Georgia in general.