GA Licensed Payday Loans - The Protection You Get

GA Licensed Payday Loans

Sadly, there are many payday loan lenders out there that are just predators targeting cash-strapped people who are already desperate for added funds.

Well, if you are living in Georgia, take comfort in the fact that your state has taken measures to protect you so from hereon do deal only with licensed lenders offering GA licensed payday loans.

Sure, ANYBODY can offer guaranteed payday loans but to feel secure that you can persecute should anything go wrong, a licensed payday loan is your best bet. GA Licensed Payday Loans - Know Your Rights

In February 2004, the state of Georgia passed laws that dictate that unscrupulous payday loan tactics can be prosecuted under the RICO statutes.

This means that lawyers of plaintiffs can now more freely gather evidence against the unscrupulous lenders of pay day loans.

Further, the state of Georgia also passed laws putting payday lenders under the Business category which means that lenders may be subjected to a class action legal suit on behalf of a group of plaintiffs.

If found guilty of unscrupulous payday loan lending practices, the lender(s) may be prohibited from collecting on any debt which arose from the illegal transaction. This is not all. Payday loan lenders who deliberately disobey the law will be guilty of a 'high crime' which is punishable by up to one year in prison and fined about $5,000.

And as for repeat offenders, they can (and should!) be charged with a felony case upon their fourth offense. For this, they can be imprisoned for up to five years and fined $10,000.