Essential Georgia Usury Cap ought to be Expanded to guard Consumers through the Debt Trap
ATLANTA, GA вЂ“ Yesterday, the customer Financial Protection Bureau (CFPB) eliminated customer protections against predatory payday and car title loan providers, leaving Georgia families subjected to the harms of vehicle name lending. While GeorgiaвЂ™s usury limit provides defenses through the pay day loan debt trap, abusive automobile title lending nevertheless plagues Georgia. Presently, their state will not regard this kind of predatory lending as a small-dollar loan, but alternatively permits car games to be вЂњpawnedвЂќ with interest rates up to 300 per cent.
вЂњThis could be the worst feasible time for you to expose Georgia customers to predatory loan providers.