Yesterday, the customer Financial Protection Bureau (CFPB) eliminated consumer protections against predatory payday and automobile name loan providers, making Georgia families subjected to the harms of vehicle name financing. While Georgia’s usury limit provides defenses through the cash advance debt trap, abusive automobile title lending nevertheless plagues Georgia. Presently, hawaii will not view this sort of predatory lending as a small-dollar loan, but instead permits vehicle games to be “pawned” with interest rates because high as 300 per cent.

“This could be the worst possible time and energy to expose Georgia customers to predatory loan providers.