Loan Advice

What Are the Options of Getting Payday Loans in Georgia?

by Jim Hughes   July 15, 2019

Borrowing money in Georgia is a little different than other parts of the country as the state has its own lending laws and regulations. Read on to see a couple of the choices available for borrowing fast money in Georgia.

Get a payday loan in Georgia to pay off your debt.

The need for cash without delay or hassle can make anyone wonder are online payday loans legal in Georgia? When bills stack up, and the urgent need for money allows no place to turn, the situation becomes very difficult to handle. Banks and credit unions usually do not lend money to anyone who has bad credit. The lengthy delay that institutions require for the application and approval process fails to respond to the urgent need for funds that borrowers can experience. The prompt response to a request for money makes short-term, small-dollar funding in Georgia an attractive option for customers.

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Understanding Payday Laws in Georgia

A legal way for borrowers to get cash quickly lies in the relief that Georgia law provides. While the state regards payday loans as illegal, it approves of online installment loans. Short-term loan companies in Georgia offer installment loans that many people use for buying big-ticket items or paying off credit cards.

• Payday Loans

Payday and installment loans can both produce the money to remedy an emergency need, but they differ in some ways. Borrowers of payday loans must agree to repay the entire amount within a specific timeframe which may allow as little as a couple of weeks. When borrowers cannot repay it on time, they may negotiate with the lender for another loan. The cycle that increasing debt creates helps explain the reason for state laws against payday loans.

• Installment Loans

The terms of an installment loan allow customers to repay it with regular monthly payments over a longer time. The law of supply and demand affects the interest rates for either type of loan. The demand side comes from the need that borrowers have for money immediately, and it allows lenders to charge high rates of interest to supply it.

Learning How to Get a Payday Loan in Georgia

The online application process for 30 days short-term payday loans requires borrowers to present a few qualifications that usually pose no difficulty. The information that lenders want includes proof of relevant facts. When borrowers submit these pieces of information, lenders can start the review and approval process.

  • age 18 at least
  • սtatus as a citizen of the United States
  • verifiable income of $800 or more per month
  • an active checking account that belongs to the applicant
  • current employment or reliable revenue source
  • a valid phone number for home and work
     

The Truth About Credit Reports

Borrowers often inquire about whether lenders check credit reports. While lenders may run a routine credit check that assesses a borrower’s credit history, the process may not result in an automatic rejection. Lenders understand that emergencies can overburden a budget that prevents people from meeting monthly bills on time. Online payday loans offer borrowers a quick way to get funds without going through the hassle of applying for a traditional loan at a bank or credit union.

Credit History

Credit card companies make a big deal about late or missed payments, and people who use them know what they can do to a credit report. Each mistake affects a credit history in a negative way, and they remain on a report for up to seven years. Online lenders may not use a low credit score or a record of poor credit as a reason to disqualify a borrower out of hand. Short-term lenders try to offer a quick solution to someone’s need for a ready cash advance, and a successful transaction may not depend on a good credit score. Consumers may still qualify for payday loans with bad credit in Georgia.

Repayment History

Performance on repaying previous loans might make more of a difference to lenders than a missed or late payment to a credit card company. Some look for serious offenses that show defaults on previous loans. Lenders understandably want to get back the money that they entrust to borrowers, and the absence of defaults on previous loans can make a difference in getting approved.

Qualifying for Payday Loans in Georgia

Georgians are big fans of using payday loans online to pay off small debts in a hurry.

The online qualification process for quick payday loans in Georgia starts with a secure request form that takes only a few minutes to complete. The sites that borrowers access online forward the information to a network of lenders who compete for the opportunity to lend money.

Getting Approved

The online payday loan lenders in Georgia make all decisions about extending credit and accepting applications. The paperwork that contains verifiable information gives borrowers the best chance of earning approval. Aside from laws that make false information illegal, inaccurate descriptions on an application form only delay the process and damage the chances for approval.

Getting a Speedy Acceptance

Online lenders understand the need for a prompt approval for borrowers who choose to use direct payday loan lenders. Access to the internet provides for the rapid receipt of an application by lenders, and they reply immediately to consider a decision to supply the funds that can help customers resolve urgent needs for money. While banks and credit unions may take weeks to respond to an application, online lenders often reply in a matter of minutes. An approval can mean the deposit of funds into a borrower’s bank account but will take at least one business day for the money to arrive.

With approval by the lender and acceptance of terms by the borrower, the transfer of funds to the bank account can happen in as little as one business day. Customers need to review the terms of the loan and understand the interest that it entails. High rates reward lenders for taking credit risks and for making funds available faster than banks or credit unions. Lenders call the phone number on the application to let customers know of loan approval, but not every applicant receives a loan.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.