Payday loan in Georgia today is advocated by the government in the interest of the consumers. The government has snipped the growth of the unlicensed pay day loan lenders so as to prevent a major debt scenario. You can now safely take a no fax Georgia payday loan which is an online Georgia payday loan to overcome your monetary shortage as the government backs you up.
What Are Payday Loans
In a nutshell, payday loans are cash advances of $100-$1500 given for a brief period of two weeks or up till your next payday. They can be availed by even those who suffer from a poor credit score. If one is an adult, with a regular job and a checking account in the bank, the Georgia payday loan is his for the asking.
If payday cash advances are so beneficial for the consumers, there must be a catch? You might feel so, but no, there isn't one really in the case of loans in Georgia. The lenders who put themselves at risk by giving an advance to consumers usually charge a high interest rate of 15%-30% to cover the risk, but in Georgia, the interest rate cannot be more than 8%.
Georgia Payday loans And Government Assistance
The consumers need not worry at all. The government regulates the pay day loan industry with a set of strict laws. For example, the Federal Truth in Lending Act makes sure that the borrowers are aware of the exact cost of credit. There should be no hidden charges etc. The Georgia law directs the lenders to give their finance charges and APR in writing when they extend any credit. As stated earlier, the usury limit imposed to cap the interest rates ensures that the lender cannot charge more than 8% interest on a $3000 payday loan. So in all, the consumers can feel quite secure while availing a payday loan in Georgia.
Benefits Of Payday Loans
You can take a no fax payday loan i n Georgia and do away with the hassle of standing in serpentine queues to submit documentation at the pay day advance stores. You can also simply go online and select a good lender, fill out his online form with the pertinent details and submit. Your online Georgia payday loan will get sanctioned and the money will be transferred to your bank within 24 hours.
Though payday loans in the state of Georgia can give you the much needed relief when you are cash starved in between paydays, you should still avoid these paycheck cash advances. If you bring about some changes in your lifestyle, such as: plan your monthly budget, use only one credit card, keep expenses under control and seek professional guidance for budget planning, you would have plenty saved up for any unforeseen circumstances.
So, now whether it is a sudden requirement of cash for car repairs or to pay the medical bills for an ailing relative, do make sure that you depend on yourself and not on a payday advance. Still, if you really are in a dire need of a payday loan in Georgia; select one that has the lowest finance charges and APR.
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