Payday lending is currently banned in Georgia, but companies are still finding ways to offer these high-interest short-term loans.
The state attorney general’s office recently threatened legal action against two out-of-state payday lenders. The lending firms were offering loans online that had interest rates at about 300-400 percent annually.
The lending firms initially challenged the state and claimed tribal immunity because they were owned and operated by Native Americans. But eventually the companies yielded and have since removed options that allowed Georgians to use the services.
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