Payday Loans in Bowdon Junction, Georgia: What You Need to Know
If you’re looking for a quick and easy way to get cash in Bowdon Junction, Georgia, you might have considered a payday loan. However, it’s important to know that payday loans are actually prohibited in the state of Georgia.
Payday loans, sometimes called cash advances, are typically small, short-term loans with very high interest rates. They are often marketed as a way to bridge the gap between paychecks, but many borrowers find themselves in a cyclical cycle of debt, unable to repay the loan on time and forced to take out additional loans to make ends meet.
The Georgia Industrial Loan Act
In Georgia, payday lending is illegal under the Georgia Industrial Loan Act (GILA), which regulates small-dollar loans in the state. Under Georgia law, any loan with an interest rate of more than 60% per year is considered a violation of usury laws and is therefore prohibited. Payday lenders are not licensed to operate in Georgia, and any attempts to offer payday loans to Georgia residents are considered illegal and fraudulent.
While payday lending is illegal in Georgia, there are other options available for those who need quick cash. Some alternatives to payday loans include:
- Personal loans from traditional banks or credit unions
- Credit card cash advances
- Installment loans
- Line of credit loans
Interesting Facts and Statistics
Despite the illegality of payday loans in Georgia, some individuals still turn to payday lending in an attempt to meet their financial needs. Here are some important facts and statistics about payday lending and consumer debt in Georgia:
- In 2016, the average payday loan in Georgia was $486.99, with an average interest rate of 252%.
- According to a 2017 report by the Center for Responsible Lending, Georgia residents paid over $460 million in fees and interest on payday loans between 2010 and 2014.
- Georgia has some of the highest levels of income inequality in the country, with nearly 14% of the population living below the poverty line.
- According to a 2016 report by the Urban Institute, 34% of Georgia residents have debt in collections, with an average debt amount of $4,047.
Apply Now
If you’re in need of cash in Bowdon Junction, Georgia, TheGuaranteedLoans can help connect you with potential lenders who offer alternatives to payday loans. Our online application process is quick and easy, and our network of lenders may be able to provide you with the cash you need to get back on track. Remember, TheGuaranteedLoans is a connector service, not a direct lender, and we will work to facilitate your connection with a potential lender.
So why wait? Fill out our online application today and see if you qualify for an alternative to a payday loan.