Do you want to get a payday loan in Augusta? Here’s the information you need to know.
You might be considering a payday loan as a way to get a small loan fast if you’re low on funds and don’t have the best of credit. This guide focuses on the legality of payday loans in Augusta, GA, while also exploring alternative options.
Are payday loans legal in Augusta?
Georgia Codes 16-17-1 et seq, 7-3-14 et seq. and 80 3-1.02(7) surround crimes and offences, industrial loans, and company rules and regulations, respectively. They have stipulations in place which make payday lending illegal in the entire state of Georgia. As a result, payday loans in Augusta are illegal.
State laws can make a big difference to whether or not you can get a legal payday loan. For example, since payday lending is legal in South Carolina, you can get payday loans in North Augusta, SC. All that separates Augusta, GA and North Augusta, SC is a state border.
What other borrowing options do I have in Augusta?
- Installment loans. Individuals who suffer from poor or bad credit rating can think about getting installment loans. To qualify, you should have a regular source of income.
- Auto title loans. You can consider using your car’s title as collateral to get an auto title loan. Applying for an auto title loan with poor creditworthiness is possible because you’re providing security.
- Secured credit cards. Depending on your circumstances, you could look into a secured credit card with an introductory low or no-interest period.
- Tribal loans. You may still have the option of getting a payday loan if you go through a tribal lender. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to abide by their own laws.
Installment loans you could apply for
Installment loans allow you to pay back your loan in fixed payments over a set period of time. There are lenders that offer this type of loan to borrowers with less-than-stellar credit, as long as they meet other eligibility criteria. Installment loans are similar to payday loans in that they have very high interest rates, and therefore risk to consider before you apply.
What if I can’t get a loan or credit card?
Short term, auto title and personal loans might be a bust, but there are other options out there. Some you may have tried, but all may be worth looking into:
- Borrow from people you know. You may be able to request an advance from your employer, or get a loan from friends or family.
- Talk with community organizations. Non-profit financial cooperatives and community credit unions may have options for small-amount loans if you meet their eligibility criteria.
- Talk to your creditors. Ask about arranging a payment plan or getting more time.
- Local social services. Look into public services for assistance with heating costs, food and housing.
- Pick up side work. Looking for side jobs, selling things online with a service like eBay or LetGo, or signing up to drive with a company like Uber are some of the many ways people get extra cash when they’re in a bind. It’s a great alternative to getting a loan or credit card because there’s nothing to repay.
In which states are payday loans legal?
Compare payday loans in your state
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