Are Payday Loans Legal In Georgia

Ask consumer ed

Q: I got a call from a man claiming to be with the State Investigation Department of California. He said he was calling to inform me of a lawsuit against me regarding a $500 payday loan that I supposedly took out and failed to repay. He said he would bring the paper work to my job and that my employer had the right under the law to know what I had done. I told him truthfully that I have never taken out a payday loan in my life. He said I could defend myself in court and that I would have to go to California to do so. The caller said if I wanted to avoid the lawsuit, I had to pay him the $500 immediately. I do not want to pay money I don’t owe, but I want the calls to stop and I’m worried that someone will actually show up at my office. What should I do?

A: The first thing to do is to find out whether the caller is with a legitimate law enforcement organization. If you have access to the Internet, you can search “State Investigation Department of California.” When we did that search, we discovered that no such organization exists. Instead, we found a list of links where consumers like you reported similar calls from the same people that turned out to be fraudulent. Based on this information, it appears as though the call you received is probably a scam. If not, you will be served with a copy of a written lawsuit and you can determine how you should proceed after you receive it.

It is understandable that you would worry about your employer being contacted. If the call is a scam, as it appears to be, it is unlikely that anyone will contact your employer. However, just in case, you may want to let your employer know about the call and that they may be contacted by someone claiming to be with a law enforcement agency and saying that you owe money.

You were very wise not to give anyone money over the phone. As a general rule, you should never give payment information over the phone unless you have confirmed that the caller is really who he claims to be. To do that, you should look up the company and phone number in the yellow pages or call the number listed on your monthly bill or statement.

To get the caller to stop phoning you, ask him to send you proof of the payday loan in writing. If you are being threatened or harassed, get the caller’s name, company, address and phone number and file a complaint with the Governor’s Office of Consumer Protection by calling 404-651-8600 or 1-800-869-1123 or by visiting www.consumer.georgia.gov .

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Different approaches for payday loans in the world

payday loans are available in different countries. But there are places where there are places that legal and illegal. This varies by country and region. To give you an idea of ​​loans payday are, let's take a trip around the world:

Australia

The small loans market in Australia includes approximately $ 800 million to 1 billion by year. This is why such loans are governed by its authorities. Most credit card companies are now consistent with consumers Credit Code (UCCC). But not so strict, that is why lenders are able to avoid UCCC regulations.

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Canada

Interest will be equal to 60% per annum shall be considered a criminal offense. payday loans are loans to support Regulation within the British Columbia on November 1, 2009. And so, maximum load for short-term loans increased 23%, the borrower can now cancel the loan after a day of signing the loan agreement and only by the borrower is permitted. In addition, lenders must register with business practices and consumer protection and the Authority must follow the rules.

United Kingdom

A payday loan in the UK cost about £ 20 and £ 100 due to increased loan if the loan money is higher. There are no laws against this type of loan and, if a borrower seeking € 500, a month after the payment is £ 600 and if it reaches the sixth month, which is £ 1,200.

United States

There are states where payday loans are legal and there states where payday loans are prohibited. Here's a list:

Illegal

Arizona

Arkansas

Colorado

Connecticut

Georgia

Maine

Maryland

New Hampshire

New Jersey

New York

North Carolina

Pennsylvania

Vermont

West Virginia

Highly regulated

Massachusetts

Those who are not on the list are the places where payday loans are Legal. So far, 13 states ban or prohibit cash advance loans in 24 states to accept payday loans.

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There are some places where cash advance loans are not legal, but is still running. In general, these are countries the third world where there is a shortage in terms of salary. Sometimes when people have nowhere to go, go to these lending companies illegal. And once you feel attracted by a loan, your life will not be as simple as it was before. Be pursued by these loan sharks to loan you can not pay for predatory lending.