What are the Best Payday Lending Companies in Georgia?
If you are in a pickle or have an emergency and require financial assistance, a payday loan is the fastest, easiest way to go about getting a small amount of money before your paycheck goes through.
Although payday loans are illegal in Georgia, they can be given by an industrial loan lender who is licensed in Georgia or an out of state FDIC insured bank, as long as its agent in Georgia is not a beneficiary of most of the profits.
It is difficult for borrowers to get access to quick cash in Georgia especially if they have bad credit since there are no legally operating cash lenders in the state.
Most legitimate lenders conduct a credit check before loan transactions, many lenders do not even consider lending to borrowers with a credit score that is less than 600. Institutions that are in the business of money lending are struggling to continue doing business.
It is increasingly becoming difficult to lend in an efficient, fast, and profitable manner, in the absence of tribal lenders who are considered as a sovereign entity and operate under their own rules, payday loans in Georgia are challenging to access.
Interest on loans in Georgia are capped at 10%. Loan fees are at 8% for amounts less than $600 and 4% for amounts that exceed that amount. Georgia interest rate laws dictate that rates higher than 7% must be specified in writing if the principal is $3000 or less the maximum rate is 16%.
Many factors determine the amount of interest you will pay, in the event of a successful loan application such as the amount borrowed, the lender, and Your Credit status.
Different circumstances might also influence the amount of interest you pay, in case you are late in making your payments you might pay a late charge if you have insufficient funds and your check does not go through you might pay a non-sufficient funds fee.
Some lenders might also charge loan disbursement fees and loan application fees. Payday loans are a convenient answer to budget management queries, one of the paramount reasons for applying for one is struggling to cover basic utilities like groceries, rent and bills. Loans of this nature are not recommended for treating long term financial difficulties, for paying off other loans or if you do not have a regular income that you can depend on to pay the loan off within the term limits specified.
Georgia Loan, Laws, and Regulations
Georgia interest rate laws only apply to specific companies and the laws do not affect individuals, lending institutions like National banks and pawnbrokers. According to Georgia Usury laws, lenders who break the law by violating interest rates limits forfeit the entire amount of interest charged.
Payday loans are considered predatory because of their high interest rates. Low-income households or individuals that have a problem in securing normal lower interest forms of credit because of their bad credit mostly apply for them.
Payday loans have been illegal in the State of Georgia for many years under Usury laws, which were further strengthened in 2004 by getting rid of all the loopholes payday lenders were using to continue lending.
In the State of Georgia, it is not only illegal to offer payday loans, but lenders can face felony charges, statutes heavily regulate small dollar loans. In the rules that have been outlined in the statute 7-3-14 et seq, all small loans have to be under$3000 for a 36 month and 15 day period.
While there are no legal payday lenders in Georgia, there are alternative means that you can use like online lenders to help with your short-term loan needs. Below are three loan companies you can try out.
1. 36 Month Loans
They offer loans ranging between $1000 to $25000, the length of their loan is 12 to 36 months. They are quick, flexible and compared to other companies, offer the cheaper type of loans. They are meant to serve borrowers with above-average credit scores. They do not require you to have a guarantor or provide any collateral, they are a great alternative to paying interest on a credit card or servicing a regular loan.
Personal loans have considerably good interest rates and they retain features that appeal a lot to borrowers such as, no paperwork, the whole process is online and they have flexible installment plans. Based on your financial eligibility they avail to you a solution that is tailor made to perfectly fit your needs.
2. Instant Loans USA
They offer loans ranging from $100 to $15000, their main requirements are quite simple, you have to be a US resident and have a valid checking or savings account with direct deposit. You must earn $1000 a month or more and provide a valid Social Security number.
They do not require you to have a guarantor or provide any collateral, the information you give them is confidential, they do not mind if you have bad credit and most of such cases have been approved. They do not have a waiting period and the process is safe fast and easy to conduct.
3. Easy loans
They offer loans ranging from $100 to $2500, if approved to get a loan from them they provide you with an exact interest rate of the loan before you accept it. They do not require you to have a guarantor. They are not lenders and therefore cannot predict the exact interest rates. You are not under any obligation to accept their terms and you are free to decline their terms.
Easy loans offer services such as Quick emergency cash, Personal loans, Installment loans, and payday loans. When transmitting your personal data to their lending partner’s Easy loans use banking level encryption in order to safeguard your information.
When conducting a credit check they do not use the three main credit Bureaus but use alternative providers, which might or might not affect your credit score. Their loans are unsuitable if you plan to use them as long-term solutions to your financial difficulties or to pay off other loans. Easy loans online forms take about five minutes to fill out and once the loan is approved you can receive up to $2500 in your account in one business day.
Georgia has a lot of dynamic industries that employ a lot of people in sectors such as Mining, Automobile manufacturing, Chemical products, paper products, Transportation, Agriculture, Electrical equipment, Tourism, and many others.
Although it has a robust economic status, it also has one of the lowest credit scores in the United States. Georgia inhabitants often depend upon financial lending facilities, especially those that are included in the low-income bracket. There are other options available for you if for some reason the payday loans do not work for you, this includes, installment loans, Auto title loans, credit card loans, and Tribal loans.
One of the most appealing conditions of online borrowing is the simplicity of the process, as you do not need to walk into a store, and you avoid waiting in a queue. You only need to fill out an online form with a few details and the lender then screens the information you provided to ensure everything is in order.
As soon as everything has been approved, you can have the money transferred to your account as soon as the next day. Online financing solutions that take place entirely online are necessary to meet the demand for quick money lending needs.