Category Archives: Cashland Payday Loans

Could fed’s proposed curb on pay day loans weaken Georgia’s ban?

Could fed’s proposed curb on pay day loans weaken Georgia’s ban?

Consumer advocates worry that a proposed federal rule aimed at curbing expensive payday and automobile name loans might undermine a Georgia legislation which makes numerous such loans unlawful.

The controversial loans have drawn lots of scrutiny — and outright bans by Georgia and some other states — simply because they frequently come with high costs and rates of interest that will total up to significantly more than 300 % per year, rendering it difficult for borrowers to pay for them down.

In July, the federal customer Financial Protection Bureau proposed rules that could generally need payday lenders to ascertain whether a debtor are able the mortgage he or she actually is taking right out. Continue reading