Payday Loans in Mesena, Georgia

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No payday loan companies in Mesena, GA. Consider companies in other cities:

Company nameAddressZip codePhone number
Regions Mortgage 735 E Winthrope Ave, Millen, GA 30442
EZ Pawn & Loan 139 Quality Foods Shopping Center, Cornelia, GA 30531 +1 (706) 776 - 2984
Colony City Finance 210 S Sherman St, Fitzgerald, GA 31750 +1 (229) 423 - 2062
North Georgia National Bank 350 W Belmont Dr, Calhoun, GA 30701 +1 (706) 629 - 6499
Western Union 327 1st Ave, Rochelle, GA 31079 +1 (229) 365 - 7890
Loy's Check Cashing 640 N Main St, Pearson, GA 31642 +1 (912) 422 - 2088
SunTrust Bank 792 Dacula Rd, Dacula, GA 30019 +1 (770) 625 - 5601
Security Finance 620 W Jackson St # 4, Thomasville, GA 31792 +1 (229) 228 - 7550
Small Busines Assistance Corporation SBAC 111 E Liberty St, Savannah, GA 31401 +1 (912) 232 - 4700
Regions Bank 168 E Doyle St, Toccoa, GA 30577 +1 (706) 963 - 1830

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mesena, GA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Dalton, GA, Online Loans in Douglasville, GA, Payday Loans in Evans, GA, Payday Loan for Gainesville, GA, Payday Loans in Hinesville, GA, Payday Loans in Kennesaw, GA, Emergency Loan in Lagrange, GA and Emergency Loan in Mableton, GA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Mesena, GA.

Are Payday Loans Legal In Mesena, Georgia?

Payday Lending is Prohibited in Georgia

Georgia Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Mesena, GA payday loan calculator

Are you in a financial bind and considering getting a payday loan in Mesena, Georgia? Think twice before applying, because payday loans are prohibited in Georgia. In this article, we will explore the reasons behind this regulation and what alternatives you can consider if you find yourself in a financial emergency.

What are Payday Loans?

Payday loans are short-term loans that are typically due on your next payday. These loans come with high interest rates and fees, making them an expensive form of credit. Often, people take out payday loans as a last resort when they are in need of quick cash.

Prior to the prohibition of payday loans in Georgia, lenders would lend up to $3,000 to borrowers and charge interest rates as high as 187% APR. This created a cycle of debt for many borrowers who struggled to pay back these loans on time and were forced to take out additional loans to cover the cost of the first one. In Georgia, the average payday loan borrower takes out eight loans over the course of a year, with each loan having a principal amount of $375. This creates a debt treadmill that can be hard to escape for those who are struggling to get by from paycheck to paycheck.

Why are Payday Loans Prohibited in Georgia?

In 2004, the Georgia Industrial Loan Act was amended to include payday lending under the definition of “industrial loans”. Essentially, this meant that payday loans would fall under the same regulations and were subject to the same usury laws as other consumer loans in Georgia. These laws cap interest rates on loans at 60% APR and made it impossible for payday lenders to operate in the state. Payday lenders filed a lawsuit to challenge the law, but in 2005, the Georgia Supreme Court upheld the law and the prohibition on payday lending has been in effect ever since.

The state of Georgia recognizes that payday loans are a predatory form of lending that can cause harm to borrowers. These loans often target low-income individuals who are in desperate need of cash and may not have the ability to pay it back on time. The high interest rates and fees associated with payday loans can put borrowers into a cycle of debt that can be difficult to break free from.

Alternatives to Payday Loans in Mesena, Georgia

Payday loans may seem like a quick fix when you’re in need of cash, but there are other alternatives that can help you get the money you need without getting trapped in debt. Here are a few options to consider:

  • Credit Unions: Credit unions can offer small-dollar loans with lower interest rates and fees than payday lenders. Some credit unions have programs designed specifically for people who are in need of quick cash.
  • Personal Loans: Personal loans are another option for those who need to borrow money. These loans are offered by banks, credit unions, and online lenders and can often be obtained at a lower interest rate than payday loans.
  • Credit Card Cash Advances: While not ideal, credit card cash advances can be a less expensive option than payday loans if you have a credit card with an available balance. However, be aware that cash advances usually come with high fees and interest rates so be sure to read the terms and conditions carefully.

Interesting Facts and Statistics about Payday Loans in Mesena, Georgia

  • Payday loans are illegal in Georgia since 2004.
  • Prior to the prohibition of payday loans, the average interest rate for these loans was 187% APR.
  • The state of Georgia recognizes payday loans as a predatory form of lending that can harm borrowers.
  • In Georgia, the average payday loan borrower takes out eight loans over the course of a year, with each loan having a principal amount of $375.
  • Credit unions in Georgia offer small-dollar loans with lower interest rates and fees than payday lenders.
  • Georgia is one of 16 states in the U.S. where payday loans are prohibited by law.

Apply Now

If you find yourself in need of cash, TheGuaranteedLoans is here to help. We are a connector service that will help you find a lender who can provide you with the funds you need. Keep in mind that we are not a direct lender and we only work with trusted lenders that follow all applicable laws and regulations. Applying for a loan is easy and can be done online. Simply fill out our application form and we will connect you with potential lenders who can provide you with the funds you need.

Remember, payday loans are prohibited in Georgia and for good reason. Don’t get trapped in a cycle of debt with these expensive loans. Instead, consider alternative options such as credit union loans or personal loans. And if you do decide to apply for a loan, make sure to read the terms and conditions carefully to avoid any surprises down the road.

F.A.Q.

What are the alternatives to payday loans in Mesena, Georgia?

Consumers in Mesena, Georgia can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Mesena, Georgia?

Payday loans are prohibited in Mesena, Georgia due to their high interest rates and fees, which can trap consumers in a cycle of debt.