I have discovered the online payday lenders are not licensed to loan money to Georgia residents. Therefore, all online payday loans are considered illegal in Georgia. However some Georgia residents received loans because the companies stated they were sovereign entities. However the State attorney office of Georgia states it is still illegal. Some of these companies were instructed by the state of Georgia not to loan any Georgia residents anymore money, however some of these companies continued their illegal practice.
If I am a Georgia resident and have loans with these online payday lenders, do I have any recourse against these companies. Also, I would be willing to pay back the principle amount borrowed, and would be willing to consolidate all of the online loans I have. None of these companies are licensed in Georgia. What do you recommend in a situation like this?
You should do several things.
The first would be to follow the dispute and refund request process I outline in this article. sure you follow all the steps.
If the company fails to respond appropriately then I would go to NACA.net and look for a consumer attorney in your state.
An illegal loan may be cancelled.
Please post your responses and follow-up messages to me on this in the comments section below.