The state of Georgia is one of the states that has regulations on its payday advances. The following contains some information on the matter:
Georgia payday loans have minimum qualifications just as the rest of the states have minimum qualifications. The applicant must be 18 years of age with a stable job and a significant amount of pay in his or her paycheck. A good rule of thumb is for the person to earn at least $1,000 a month. The applicant must also have a valid bank account that is free of adverse transactions such as overdrafts and negative balances. Many payday loans online lenders do not check credit, but some of them do. The consumer should ask questions or read the website FAQ section before he or she applies for a payday advance.
In 2004, the state of Georgia incorporated some strict laws against payday loans in Georgia. The state prohibits the issuance of payday loans in Georgia from non-banking institutions. Industrial loan lenders can still offer cash advances to Georgia residents, and out-of-state banks can still offer such loans to Georgia residents if they are FDIC insured. Consumers can seek assistance from Internet lenders if they would like to have access to quick cash advances.
The payday loan laws in Georgia fall under the Georgia Payday Loan Act. Lenders may not issue loans to consumers that are more than $3,000 in total. Furthermore, the act places a stipulation on the amount of time that a lender can stretch a loan. Lenders may only lend money to consumers for 36 months and 15 days.