Payday Loans in Shannon, Georgia

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

Company nameAddressZip codePhone number
Courtesy Finance 2860 East-West Connector #103, Austell, GA 30106 +1 (678) 567 - 5151
Synovus Bank 100 E Howell St, Hartwell, GA 30643 +1 (888) 796 - 6887
TitleMax Title Pawns 2533 Dawson Rd, Albany, GA 31707 +1 (229) 435 - 7835
Provident Investment Corporation 444 US-319 BUS, Moultrie, GA 31768 +1 (229) 985 - 7459
The Heritage Bank 228 Main St, Blackshear, GA 31516 +1 (912) 807 - 2266
World Finance Corporation 137 S Court Sq, Franklin, GA 30217 +1 (706) 675 - 6733
The Bank of Soperton - Come Grow With Us The Bank of Soperton 1202 Second St, Soperton, GA 30457 +1 (912) 529 - 4431
Regional Finance 322 Oak St Suite 4, Gainesville, GA 30501 +1 (770) 510 - 5667
Loanmax Title Loans 1010 Shorter Ave, Rome, GA 30165 +1 (706) 234 - 0663
Western Finance 39 E May St Ste E, Winder, GA 30680 +1 (770) 307 - 2005

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shannon, GA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Rome, GA, Payday Loans in Roswell, GA, Payday Loans in Savannah, GA, Payday Loans in Smyrna, GA, Short-term Loans in Statesboro, GA, Bad Credit Loans in Tucker, GA, Payday Loans in Valdosta, GA and Payday Loans in Warner Robins, 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 Shannon, GA.

Beautiful sights of Shannon, GA

Payday Loans Available in Shannon, GA By The Following ZIP Codes:

30172

Are Payday Loans Legal In Shannon, 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

Shannon, GA payday loan calculator

In Shannon, Georgia, Payday loans are prohibited. Here’s what you need to know about payday loans and why they are forbidden in Georgia.

What are payday loans?

Payday loans are a type of short-term loan that typically has a high interest rate and fees. These loans are usually due on the borrower’s next payday and are designed to provide quick cash for those who need it. The amount borrowed is typically small, ranging from $50 to $500 or more.

Why are payday loans banned in Georgia?

Payday loans and other similar high-interest loans have been banned in Georgia since 2004. The law was passed to protect Georgia consumers from the predatory lending practices that payday lenders are infamous for. The state has set the maximum percentage rate for any kind of small loans, payday loans inclusive, to prevent the building up of the interest and fees lenders were including to keep Georgia citizens trapped in the loan cycle forever.

What makes payday loans dangerous?

There are various reasons why payday loans should be avoided, but the high interest rates and fees are the primary concern. Due to the short repayment period, borrowers who can’t repay on time will often rollover the loan, which means taking out a new loan to repay the previous one. When this happens, fees and interest can add up quickly and create a debt cycle that can be difficult to break.

Moreover, lenders are known to target vulnerable communities with limited access to traditional banking and lending options. Often, these borrowers don’t have the income or credit history to qualify for conventional loans, leaving them susceptible to payday loan lenders who often require little more than proof of income and a checking account.

Facts about payday loans in Shannon, Georgia:

  • A study conducted by the Center for Responsible Lending found that payday lenders cost Georgia families more than $154 million annually.
  • The average APR for a payday loan in the state of Georgia is 400%, which is almost twice the national average of 200%.
  • Between 2004 and 2013, Georgia saved over $1.4 billion in fees, thanks to the state’s ban on payday loans.
  • Despite the laws against payday lending in Georgia, many borrowers still find ways to obtain these types of loans and fall into the debt cycle. Always find conventional lending possibilities, check loans or credit unions to escape the borrowing trap.

Apply now

If you need financial assistance, TheGuaranteedLoans is a connector service that can help you connect with potential lenders. Remember that while we are not a direct lender, we will work to help you find the best loan for your needs. We strive to offer transparency, and we will make sure you understand the terms of any loan before you sign onto it. Apply now through our easy-to-use online system, and within minutes you could be on your way to finding the best loan for you.

Although payday loans are prohibited in Georgia, many other loan options are available. If you’re looking for financial assistance, be sure to explore all of your options and always read the terms and conditions before signing any paperwork. Educate yourself on financial literacy, and you will never become a victim of greedy lenders.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Shannon, Georgia?

Lenders offering illegal payday loans in Shannon, Georgia may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Shannon, Georgia?

If you have taken out an illegal payday loan in Shannon, Georgia, you can contact the Georgia State Department of Financial Services to report the lender and seek assistance in resolving the issue.