Payday Advance Georgia
Payday advances, within the state of Georgia, are prohibited and even considered illegal with harsh penalties applied to those who are caught practicing such lending. Certain companies are allowed to dole out small loans up to $3,000. However, these companies are closely monitored and strictly regulated by existing Georgia laws.
Laws Governing Georgia Payday Loans
Although payday loan companies, as such, are prohibited from operating in the state of Georgia, some small loan companies are permitted to make loans of up to $3,000 under strict guidelines. Any lending company that desires to operate within Georgia territory and seeks to charge more than eight percent interest per annum must acquire a license through the Office of the Commissioner of Insurance.
For small loan companies, the interest rate cap is set at 16% per year, which includes a 10% discounted yearly rate plus associated fees. The criminal usury cap is set at 60% per year.
Why You Might Require Georgia Cash Advances
Small cash loans are available in Georgia via licensed lenders who must adhere to strict regulations. Payday loans can also be obtained by Georgia residents through online sources who must also adhere to Georgia payday advance laws. But why would you need a Georgia payday cash advance?
Emergencies requiring rapid funds occur throughout life and, oftentimes, when you have no available cash. A majority of American citizens live from paycheck to paycheck and have very little, if any, saving. They are, therefore, often caught in situations where they are in between paydays when such emergencies occur.
How Georgia Payday Loans Work
Payday advance loans were designed to meet such emergencies by providing small amounts of cash quickly and with little required information and no credit checks. These short-term cash loans are repaid within a week to a month, normally on the date of your next payday.
As mentioned, you can either approach a state licensed small loan company or seek a payday advance provider online from the convenience of your home. Online payday loan companies require that you fill out a short application form and provide them with some form of identification, current employment verification, and your bank's checking or savings account information. Online payday loans are usually approved in less than 24 hours upon which the requested money is deposited into your provided account. At the agreed upon date of your repayment plan, the loan amount plus any interest and associated fees are withdrawn from your account to satisfy the loan. Keep in mind that payday loan companies you do business with online must adhere to the interest rates and fees established by the state of Georgia.
Alternatives to Georgia Payday Loans
Besides seeking out licensed small loan companies or online payday loan companies, you might also look to other sources to satisfy short-term cash needs. Some selections may save you money on interest and fees if you are in a particularly cash-strapped situation.
If your financial emergency concerns a bill with an upcoming due date that you may not meet, you can directly approach your creditor(s) and request an extension of your due date. You might also seek a title loan, request a pay advance from your employer, pawn items, seek social program assistance, or borrow money from a family member or friend.
Long-term financial help can be obtained by getting a second part-time job, doing a side job, paying off or consolidating bills, tightening your budget, adjusting tax withholdings by using a W-4, or requesting overtime.
Questions and Additional Information on Georgia Payday Loans
If you have further questions or require additional information on payday advance Georgia loans or small cash loans, contact the following:
Georgia Office of the Commissioner of Insurance
Industrial Loan Division
Two Martin Luther King, Jr. Drive
West Tower, Suite 704
Atlanta, GA 30334