Title Loans or Title Pawns, as they are widely known, have come under the hammer in Georgia. Title lenders sometimes charge 25% monthly Interest Rates which build to annual Interest Rates amounting to 300% and offer repayment options that only extend to 30 days. After the stipulated repayment period, lenders are free to take possession of the borrower’s vehicle, of which they have a set of duplicate keys, at their own will. Georgia also has one of these peculiar laws which allow Title Lenders to sell repossessed vehicles worth more than the amount of the outstanding loan balance and keep the difference.
Georgia is one of the Thirteen States that have enacted State Laws or Court decisions have authorized Title Loans including very high rate caps. The other States include Alabama, Arizona, Mississippi, Montana and Tennessee.
Georgia’s State Legislature is considering three Bills that would give some breathing space to title pawn customers:
Senate Bill 198 will reduce the current Interest Rate from 25% a month to 5% a month.
Title Loan customers will have a 60 day grace period before repossession of their vehicles and after selling the vehicle, lenders would have to return the amount over and above the outstanding debt and seizure payments back to the borrower.
Two House Bills are also on the anvil to cap rates or require return of excess funds once the outstanding balance is settled from repossession.
However, there are some good deals in Car Title Loans in Georgia which have easier terms for the borrower that you can avail of; the following link leads you the best Car Title Loans in Georgia. More so, you can apply online for the best deals in Car Title Loans absolutely free!!
So happy browsing!!
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