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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.
No, payday loans aren’t legal in Georgia. Small dollar loans are heavily regulated and governed by statutes 16-17-1 et seq., 7-3-14 et seq. and 80 3-1.02(7). High-cost payday lending is a felony in Georgia, and all lenders attempting to distribute these loans can be pursued by criminal action cases.
Any short-term lender wishing to operate in Georgia must abide by the the rules outlined in 7-3-14 et seq. These state that all small loans must be under $3,000 for a period of 36 months and 15 days. Interest is capped at 10% per year. Loan fees are 8% for the first $600, then 4% for everything above $600. These laws apply to installment loans as well, so be sure to check the terms of any installment loan you apply for.
If your lender doesn’t abide by these regulations, don’t agree to the loan contract. Instead, contact the Georgia state attorney general and file a report.
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.
In Georgia, your late fee is processed five days after the payment is due and is the larger of either $10 or an amount equal to $0.05 (five cents) for every $1 of the installment. Lenders may also charge a maintence fee of $3 for every month in the loan contract’s term, whether the payment is one lump sum or divided into other installments.
It’s important to reiterate this is for all loans, and if a lender doesn’t abide by these, you should avoid borrowing money from it.
While getting a payday loan in Georgia is not possible, you can get credit or cash in other ways. Some of your options include:
While you don’t have access to a payday loan in Georgia, you can still find other options to help with financial emergencies. If you find yourself in long-term debt problems, consider credit counseling to help in the process of creating a budget and getting out of debt.
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