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Payday Loans in Georgia with APR as high as 700% - myth or reality?

Payday Loans in Georgia

Have you ever wondered that every ten Americans use short-term loans? But some of them cost over 20 times more in interest than the average credit card.

All these short-term loans or payday loans you can get in most states. To do this you need to have:

  • a valid ID,
  • proof of income
  • a bank account.

That's all! The balance of the loan together with the "financial fee" (service fees and interest) is mainly paid out in two weeks, on the next day of payment.

Historical fact:

Payday Loans in Georgia was prohibited by law for more than 100 years, but the state was not successful in shutting the industry down until the 2004 legislation made payday lending a felony, allowed for racketeering charges and permitted potentially costly class-action lawsuits. In 2013 this law was used to sue Western Sky, a tribal internet payday lender (https://law.georgia.gov/lawsuit-against-western-sky-financial)

For today in the U.S. these loans amount to 9 billion dollars of business. Over the past two years, 11% of U.S. adults (that's roughly 3,700 Americans) say they’ve taken out a payday loan. These data are derived from a recent CNBC  survey making it successful in conjunction with Morning Consult .

By taking a payday loan, you can be secured fast cash with an average annual interest rate across the country of almost 400 %. While, the annual average credit card in July was 16.96 %, according to CreditCards.com .

Everything goes very quickly. For example, you decide to take out a $ 500 payday loan with 391% interest. You will be required to pay approximately $ 575 in two weeks. However, the credit cycle rarely ends there. Many payday loan payments "flip" the loan several times. Do that for three months and the amount of debt is over than $1,000.

"It's normal to get into a payday loan. Because this is the only way the business model works. A lender isn’t profitable until the customer has renewed or re-borrowed the loan somewhere between four and eight times," says Nick Bourke, director of consumer Finance at Pew Charitable Trusts, tellsCNBC Make it.

There are restrictive laws in 15 states and the District of Columbia. They limit APR to 36% or less. Such measures were taken because of potential financial pitfalls for borrowers. But 35 other states are much more loyal to payday loans. This week, the governor of Ohio signed a new law that will limit the state's APR for payday loans at 60 %.

Payday Loans in Alabama State Information:

Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes (Four equal monthly installments)

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check 
Criminal Action: Prohibited (Unless check returned due to closed account)

Currently, Ohio has the highest interest rates of payday loans in the U.S. Here the average interest rate is 667 %. Averages in Texas, Utah, Idaho, Nevada and Virginia are almost as high.

For those who are unable to pay off their payday loan on time, the costs can be substantial and long-term. Some payday loan lenders will aggressively try to get their money back. How? Taking it directly from borrowers checking accounts. This is because borrowers provide access to their checking accounts as a condition of the loan. These unexpected withdrawals by the lender can damage borrowers credit scores and it can leave borrowers subject to expensive overdraft fees.

In addition, it will be difficult for borrowers to save when repaying such expensive loans.

"Payday loans are very dangerous for everyone. However, borrowers who are just starting out or who are struggling financially are the most vulnerable," said Lisa Stifler, the deputy director of state policy for the Center for Responsible Lending.

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