Tighter guidelines for name pawns in Georgia just simply simply take another action

Tighter guidelines for name pawns in Georgia just simply simply take another action

The Georgia State Capitol Building in Atlanta.

ATLANTA — Georgia lawmakers have actually advanced legislation to cap interest levels charged by the state’s auto-title pawn industry that customer advocates claim trap low-income families with unjust financing techniques.

Title pawns proliferated into the state carrying out a crackdown significantly more than about ten years ago on conventional payday financing, in which cash-strapped people who have bad credit remove small loans at high rates of interest.

With name pawns, a person’s vehicle is employed as security for a financial loan with no need for the credit check. Continue reading “Tighter guidelines for name pawns in Georgia just simply simply take another action”