How To Compare Loans in Georgia
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Loans in Georgia
When it comes to personal loans, Georgia has a few popular lenders available. These include SunTrust Bank, Wells Fargo, Fidelity Bank, and Synovus Bank.
Online lenders are also worth considering as they offer extremely attractive loan rates and terms.
Why Compare Loans in Georgia with Financer.com
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Payday Loans in Georgia
The state of Georgia prohibits the issuance of cash advances from non-banking institutions. However, out-of-state banks can still offer payday loans to residents as long as they are FDIC insured.
To be eligible for a Georgia payday loan, borrowers must:
- Be at least 18 years of age.
- Have a stable job and earn at least $1,000 a month.
- Have a valid bank account that is free of overdrafts and negative balances.
The law of Georgia State prohibits lenders from issuing payday loans that are more than $3,000 in total.
When it comes to Georgia payday loans, the stipulation period of which a lender can stretch a loan is not more than 36 months and 15 days.
Lenders cannot charge anyone more than 60% per year for their loans.
Georgia Payday Loan Regulations
| Legal Status | Prohibited |
| Interest Rate (APR) | 10% small loan cap |
Georgia stopped payday lending in the state in 2004 when it put a 10% APR cap on small loans. There are currently no payday lenders in Georgia. Moreover, predatory high-cost lending is considered a felony in GA, and therefore, can be criminally prosecuted.
Payday loans are effectively illegal in Georgia as the government has limited lending rates to 10% in 2004.
However, loans may be granted to borrowers in Georgia, subject to the following:
- The maximum loan amount is $3,000.
- The maximum loan term is 36 months and 15 days.
- The maximum APR is 10%.
- The maximum origination fee is 8% of the first $600 and 4% thereafter.
This is a good example of how limited restrictions effectively stop payday lending within a state.
Getting Payday Loans in Georgia
Residents can still access loans in Georgia through various online lenders in the U.S. As individual lenders' requirements differ, ask about the interest charges, maximum loan amounts and read consumer reviews.
When you apply for a loan, some information like a copy of your driver’s license and details regarding your employment and bank accounts will be needed.
The loan term can be anything up to 36 months and when you take out a payday loan, the loan amount may not exceed $3,000.
Bad Credit Loans in Georgia
If your credit is less than perfect, you may apply for a bad credit loan in Georgia. These loans are typically given to people with a low credit score or no credit history at all.
A bad credit score is usually a FICO score of less than 600.
However, a bad credit loan may come with higher interest rates as borrowers are a higher risk to lenders.
When applying for bad credit loans in Georgia, be sure to review the loan rates and terms before you accept a loan offer.
What Customers Say About Us
4.60 based on 324 reviews
from Reviews.io
Heather B
It was super easy to deal with them. The comparison service was just amazing.
Karen S
A quick, efficient, and certainly hassle-free service. Their comparison tools were best that helped me find the perfect loan provider service online with great ease. Thumbs up.
Zoe N
I got invaluable financial pieces of advice, free from any complicated terms & conditions. It was great!!
Dana R
This is the most trustworthy site if you are looking for honest reviews, straightforward ratings and real-life opinions on financial products. I enjoyed a great experience, now it's your turn!
Steve A
I had an amazing experience dealing with them! The comparison tools have worked great for me in finding the right lender.
Mary D
One of the legit lenders suggesting service I have ever come across. Highly recommended!
Why Compare with Financer.com
Financer.com helps you compare the best personal loans in Alabama and get the lowest personal loan rates from leading U.S. lenders.
Our online loan comparison is fast, easy, and completely free. Best of all, you can pre-qualify without hurting your credit score.
Use Financer.com's free loan comparison tool and take the guesswork out of finding the best personal loan for your needs.
Georgia Loans FAQs
How much do online loans in Georgia cost?
The cost for online loans in Georgia will vary by lender. However, according to state law, lending rates are limited to 10% and the maximum loan amount is $3,000. As an example, a $3,000 loan with an APR of 10% over six months, would result in six payments of $514.68 for a total repayment of $3,088.11.
Is payday loans in Georgia legal?
Payday loans are illegal in Georgia and have been since 2004. However, lenders outside of Georgia may still offer loans to Georgia residents, providing they operate according to the requirements. Loans may not exceed $3,000 and may not have a loan term of more than 36 months and 15 days, among others.
How much can I borrow in Georgia?
Although there are no lenders in Georgia that may issue payday loans, personal loans are available in Georgia with limits up to $50,000 or more.
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