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yes it does appear on our credit
Jeff,Not all payday loans in Georgia are illegal, they are simply illegal in their most basic or common form (that is, where you pledge your post-dated check as collateral). But loans themselves can still be valid and legal if they comply with state law.For example, as per Georgia Department of Banking and Finance: "Small loans of less than $3,000 are regulated by the Georgia Industrial Loan Act. This Act provides that persons or companies making loans and charging interest thereon at a rate of more than 8 percent (simple interest per annum) shall be subject to the Georgia Industrial Loan Act (“GILA”) and shall be required to obtain a license from the Office of the Commissioner of Insurance unless they are exempt from such licensure."It would still be up to you to prove that this loan violates the law. If you can do so, you can threaten to take the creditors to court over violating the Georgia Industrial Loan Act, the Fair Debt Collection Practices Act, and also contact your county district attorney and notify the Office of the Commissioner of Insurance, Industrial Loan Division(NNN) NNN-NNNN. That is the fastest and easiest approach, and likely the one which you would want to consider starting this process.Good luck.
so if they are charging us more than 8 percent under 3000 then that is illegal due to the Georgia industrial loan act. Now when I had plain green loans they were charging us 150 percent. But now that they have sold the account several times its just a flat total of like 2200. Is it still illegal to collect.
Thank you for your follow-up, Jeff.If the aggregate amount is above 8%, then yes, it is still ilegal to pursue collections of anything above that limit. The courts would permit you to sue for breach of contract and at most the courts would allow the other party to seek the return of their principal amount as they would still be entitled to get that money back.Good luck.
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