Consumer complaint received 2018-01-31
Company: Big Picture Loans, LLC
State: GA
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Charged fees or interest you didn't expect

Complaint:
Complaint : Predatory Lending Practices and Unexpected Hidden Interest Rates I originated a loan with XXXX Big Picture Loans in XX/XX/XXXXin the amount of {$650.00}. After recently calling to get a pay off balance, in complete shock, I find out as of todayXX/XX/XXXX, I  now owe {$1300.00}. I have paid over and above the principle amount owed on this loan and although I have made bi-weekley payments every payday since the loan was originated in XX/XX/XXXX, I still owe over {$1000.00}. I realized that I had not been informed in the initiation of the loan by the rep of the 600+ % interest rate on the loan. I was originally informed that there is a 25 % finance charge to equal {$160.00} not {$3900.00} in total payments. I also realized that I was unable to view the " Truth in Lending '' disclosure until after the loan had been processed and funds were delivered to my account. This is not only PREDATORY lending but unethical business practices. I reside in the state of Georgia where the law prohibites these practices and although this is a company that hides behind Tribal lending guidelines there are still some legal ramifications regarding there practices. Please refer to the following : In the state of Georgia payday lending is prohibited. 
In fact, there is a ban on payday lenders restricting their operation in the territory of the state according to the Industrial loan act ( Ga. Code Ann . 7-3-14. Ga. Comp. R. & Regs. r. 80 3-1.02 ( 7 ) and O. C.G.A. Section 16-17-1 et seq. ). 
Payday loans go under a title of small loans, generally ; the minimal amount is {$3000.00}, according to the 16-17-2 of the Georgia Code. 

Certain businesses and companies have a legal right to give such loans but in terms that all their operations are regulated by the Credit Card and Credit Card Banking Act. All the lenders wishing to operate in the state should adhere to 16 % small loan rate cap APR ( and 10 % per year discounted plus fees ) as well as 60 % per year criminal usury cap. 
________________________________________ Any payday lender can be punished for an unlawful transaction by the Attorney General of Georgia or any district attorney. It is written in the Section 16-17-4 ( a ) and the penalty can be three times the amount of any interest charged in this transaction. A civilly liable payday lender will have to give half of the sum to the attorney and half of it to the state. Besides, any payday loans issued illegally will be charged a 50 % rate plus the penalties. Moreover, according to the Section 16-17-7 of the Georgia Code, interstate financial corporation caught at payday lending operation in Georgia will be immediately punished for it and its license suspended. 
Moreover, Section 16-17-2 of the Georgia Code presupposes that any district attorney or the Attorney General has got a right to hold any person who issues a payday loan in the state criminally liable. Not only a person is charged with aggravated misdemeanor but also he is likely to be jailed for a period of about a year. Plus, a fine of up to {$5000.00} per violation is charged. One payday operation equals one offence according to the state law of Georgia. A five-year imprisonment and a fine of {$10000.00} are awaiting a person who has previously been prosecuted for payday lending operations thrice. 
More information about Payday Loans in Georgia : https : //www.oci.ga.gov/XXXX

Company response to consumer: Closed with explanation