Cash Advance and Payday Loans in Atlanta, GA
The lending space in Atlanta, GA., is under state and city regulations. As a result, payday loan and cash advance lenders must adhere to these guidelines. We’ve analyzed the space to help you get fast access to cash so you can deal with the unforeseen financial crisis.
Residents in Atlanta, GA, may not have the funds to address an unexpected expense. As a result, they may turn to alternative sources for quick financing. Although payday loans are prohibited in the state, consumers may still be able to obtain installment and title loans. Before requesting a loan, consider the following state and city regulations.
Regulations of Payday Loans in Atlanta, GA
The Department of Banking and Finance regulates lending in Atlanta, GA. The Georgia Payday Lending Act of 2004 instituted strict regulations regarding payday loans and cash advances in the state.
As a result, payday loans and cash advances have effectively been prohibited in Atlanta, GA. However, consumers seeking emergency financing may still find funding options with installment loans.
Alternatives to Taking out Payday Loans in Atlanta
If you’re an Atlanta resident faced with a financial emergency, you still may have options to find financing aside from a payday loan. Here are some alternatives to payday loans:
- Bank loans – Traditional bank loans may have drawbacks, but if you have favorable credit, you may be able to secure financing with a reasonable interest rate. However, keep in mind that traditional loans typically take longer to process and have stricter eligibility requirements.
- Credit cards – Although this should not be used as a long-term method, low APR or 0% interest credit cards can come in handy during an emergency. If you have exhausted all other resources, consider using a credit card to tide you over. But make sure to make the minimum payment on time or fully pay off the balance as soon as possible to avoid falling into a cycle of debt.
- Government assistance – Atlanta residents who are struggling to pay for utility bills or other necessities may qualify for government assistance programs. These state-funded welfare programs can help cover utility bills, rent, and even groceries.
Installment Loans in Atlanta
Nevertheless, some Atlanta residents may still opt for an installment loan to cover emergency expenses. Lenders in Atlanta may offer quick and easy installment financing, which you can use to cover rent and other bills.
Like payday loans, installment loans are also heavily regulated in Atlanta. However, installment loans are not prohibited, and residents can still use them during financial emergencies.
Consumers may request up to $3,000 for up to 36 months. The APR is capped at 10%. Atlanta lenders may also charge additional fees, including origination and maintenance fees. The origination fee may be 8% of the first $600 and 4% of the amount over $600. The maintenance fee may be $3 per month. Lastly, if the consumer submits a late payment, they may be charged a total of $10 or 5¢ per $1.
Installment loans are typically taken over a longer-term and are repaid in equal monthly payments. As such, before requesting an installment loan, make sure to assess your finances to determine whether you can make the repayments. Failure to make prompt payments can result in damage to your credit score.
Advantages of Installment Loans in Atlanta, GA
Here are some of the advantages that installment loans offer:
- Flexible. Although all lenders check credit scores, not all consumers in Atlanta will have outstanding credit scores. However, some payday lenders may still be willing to work with consumers who have damaged credit scores. These financers may consider income when determining eligibility.
- Convenient. Atlanta residents in need of funding for emergencies may not have the luxury of completing a request in person. Online payday loans are a convenient alternative. They allow prospective consumers the ability to request a payday anytime from the comfort of their homes.
- Fast. Unexpected expenses make many people seek fast financing options. Thankfully, installment loans can be a go-to option. Atlanta residents looking for funding can expect easy and quick loan request processes. If approved, the funds may be deposited in the consumer’s account in as little as one business day.
Requesting Installment Loans in Atlanta
Consumers in Atlanta can get started on their installment loan requests online. Many lenders offer quick and hassle-free loan requests on their official websites. Typically, you will need to provide some personal and financial information.
To request a payday loan, consumers in Atlanta must:
- Be 18 years old
- Be a U.S. citizen or permanent resident
- Provide proof of income
The consumer will be required to submit the following personal information:
- Contact information
- Social Security number (SSN)
- Employment history
- Banking information
Requesting Title Loans in Atlanta
Consumers in Atlanta may also request title loans instead of payday loans if they own a car. Title loan amounts are not regulated in Georgia. As a result, lenders may offer up to 60% of the vehicle’s appraised value.
The minimum title loan term is 30 days. However, the term can be extended for an additional 30 days. Moreover, Atlanta also has specific regulations regarding title loan fees based on the loan duration. The fees are:
- 25% and $10 for 30-to-90-day loans
- 12.5% and $5 after 90-day loans
Keep in mind the lender will retain the car’s title until the consumer repays the loan. As a result, the lending company may repossess and sell the vehicle if the consumer defaults on payments.
Our Favorite Atlanta, GA, Lenders
If you are searching for an installment or title loan in Atlanta, you may consider the following lenders:
Advance America offers installment loans, title loans, and lines of credit. Additionally, Advance America provides prepaid VISA cards and Western Union services. To request a loan, consumers can go online.
Atlanta consumers searching for online installment loans may turn to OppLoans for financing. The lender offers installment loans ranging from $3,001 and $4,000. Repayment terms are between 12 and 18 months, and APR is around 59%. To request a loan, consumers can begin their loan request on OppLoans’ website.
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