Pay day loans still legal - WALB.com, South Georgia News, Weather, Sports

Pay day loans still legal

June 29, 2005

Albany- If you need money fast and turn to a pay day loan store, you could be charged outrageously high interest rates.

It's legal, for now.

A federal appeals court recently upheld Georgia's pay day loan law designed to protect people from exorbitantly high interest rates. But the ruling did not close a loophole.

For example, First American Cash Advance can still operate because it doesn't get most of the money from the high interest loans. The company uses a South Dakota bank that is the primary beneficiary.

"South Dakota has always got to receive half the profits to be legal under this court decision," said Ken Hodges, Dougherty County District Attorney.

Hodges plans to push state lawmakers to close the loophole next year so these businesses can be forced to close in Georgia.

feedback at news@walb.com

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • The Latest: Irma weakens into a tropical depression

    The Latest: Irma weakens into a tropical depression

    Monday, September 11 2017 3:27 AM EDT2017-09-11 07:27:29 GMT
    Tuesday, September 12 2017 2:42 AM EDT2017-09-12 06:42:09 GMT
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
  • Still time to register for Camp HEAL

    Still time to register for Camp HEAL

    Wednesday, September 20 2017 4:02 PM EDT2017-09-20 20:02:09 GMT
    There are just three weeks left to register for Archbold's Camp HEAL. (Source: WALB)There are just three weeks left to register for Archbold's Camp HEAL. (Source: WALB)

    There are just three weeks left to register for Archbold's Camp HEAL.

    More >>

    There are just three weeks left to register for Archbold's Camp HEAL.

    More >>
  • Bainbridge utility crews focus on safety

    Bainbridge utility crews focus on safety

    Wednesday, September 20 2017 4:00 PM EDT2017-09-20 20:00:55 GMT
    (Source: WALB)(Source: WALB)

    On Wednesday, Georgia Power and utility crews from Bainbridge spent the day talking about safety, after Tropical Storm Irma leaving thousands without power and hundreds of trees down.

    More >>

    On Wednesday, Georgia Power and utility crews from Bainbridge spent the day talking about safety, after Tropical Storm Irma leaving thousands without power and hundreds of trees down.

    More >>
Powered by Frankly