Georgia has long been a national leader in the fight against predatory lending, imposing strict usury limits on small loans. In 2004, Georgia legislators closed loopholes used by payday lenders to charge triple-digit interest rates; they reaffirmed their commitment to keeping payday lending out by increasing fines and criminal penalties for making small loans at illegal interest rates. These laws save Georgians over $284 million annually. Georgians are also concerned about other high-cost loans like car-title lending, in which lenders charge annual interest rates of up to 300%. A 2019 poll found that 83% of registered Georgia voters felt there should be a cap on car-title lending rates.
