Are you thinking about getting a payday loan in Georgia? Here’s the information you need.
Although payday loans might seem like a good idea, if you’re a resident of Georgia, you have other options that will help you out in a financial emergency.
Read through this guide on lending in Georgia.
Are payday loans legal in Georgia?
No. Payday lending is illegal in Georgia as per state laws 16-17-1 et seq. (surrounding crimes and offenses), 7-3-14 et seq. (surrounding industrial loans) and 80 3-1.02(7) (surrounding company rules and regulations). This is due to the high interest rates and the frequency of people defaulting on their loans.
While state laws have prohibited payday lending for over a century, payday loan companies in Georgia continued to operate freely until 2004 legislation made payday lending a felony.
There are still ways to get quick cash in Georgia if you need it.
Installment loans you can apply for
You might consider getting an installment loan if you have poor or bad credit. As the name suggests, you have to repay this loan in installments over a set time period. Keep in mind that the interest rates will be high so you face similar risks to those of getting a payday loan.
What other options do you have for a loan in Georgia?
While getting a payday loan in Georgia is not possible, you can think about getting credit or cash in other ways. Some of your options include:
- Tribal loans. You have the option of getting a payday loan if you go through a tribal lender like SWIFT or Blue Trust Loans. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to give loans despite the laws of your state.
- Apply for a credit card. Whether you have good or bad credit, there is a huge selection of credit cards worth considering if you need extra money. Credit cards also have more reasonable payments and lower interest rates.
- Payday loans from other states. If you’re in Georgia temporarily but are normally a resident of a state where payday loans are legal, you can apply for an online payday loan. To do this you’ll have to provide documented evidence of your residence in another state. Also make sure the lender is backed by the Online Lenders Alliance or similar.
- Pick up side work. Looking for side jobs, selling things online with a provider 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 is nothing to repay.
- Take out an auto title loan. If you own a car or a motorcycle outright (you aren’t making payments), you can consider pawning it to get some money. In this case, the title of your vehicle works in securing the loan. Since you’re providing collateral, good credit is not a requirement, but they carry very high interest. If you default on your loan, you will lose your vehicle.
This page will give you more information on the alternatives to payday loans
What are the typical costs of a loan in Georgia?
Several factors impact the interest you have to pay on loans, such as your credit, the amount you borrow, the lender and the loan term.
You may have to pay additional fees in different circumstances. If you don’t make a payment on time you may have to pay a late charge. If a check does not go through because of insufficient funds in your account, your lender may charge a non-sufficient funds (NSF) fee. Some lenders can also charge application fees and loan disbursement fees, and they might even charge you if you choose to repay your loan amount early.
Where are payday loans available?
Compare payday loans in your state
Have any more questions about Georgia payday loans?
I’m looking for bad credit loans in Georgia. What are my options?
If you have poor or bad credit, you can apply for an installment loan or an auto title loan.
What details do I have to provide to get a short-term loan in Georgia?
You’ll have to provide your name and contact information, a valid form of ID and employment and income information.
I’m in Georgia temporarily but a resident of a state where payday loans are legal. Can I still apply?
Yes, but remember that your approval depends on your eligibility.
Why are payday loans illegal in Georgia?
The high APR these loans come with and the high fees borrowers have to pay are some of the reasons payday loans are illegal.
I’ve come across an online lender who is willing to give me an payday loan in Georgia. Is this legal?
No, it is not. Out-of-state lenders cannot legally provide payday loans to residents of Georgia unless they are a tribal lender.
Can I apply for Spotloan in Georgia?
Hi Christie,
Thank you for your enquiry.
Spotloans are currently available to residents of all states except Arkansas, District of Columbia, Minnesota, New York, North Dakota, Pennsylvania, and West Virginia. You may apply for a loan online from Spotloan through their homepage.
Kind regards,
Jason
How does Spotloan work?
Hi Karol,
Thank you for your inquiry.
You can select your loan amount & repayment terms then apply for loan online through their homepage and get the loaned cash in your bank account with Spotloan. Please check out this link for more details on how Spotloan installment loan works.
Kind regards,
Jason