Payday loans have become an issue of great concern in many US states. These short-term loans, also known as cash advances, are often marketed to people with low income, bad credit, and who need quick access to money. In Georgia, however, payday loans are prohibited by law, including in the city of Mansfield.
What are Payday Loans?
A payday loan is a type of short-term loan that can be obtained quickly and easily. The loan is usually for a small amount – typically between $100 and $1,000 – and is repaid within a few weeks or months. Payday loans are often advertised as a way to get cash quickly, with no credit check required, and with few questions asked.
Why are Payday Loans Prohibited in Mansfield, Georgia?
Payday loans are prohibited in Georgia because they are considered predatory and harmful to borrowers. The Georgia Industrial Loan Act, which regulates payday lenders and other small loans, caps interest rates at 60% per year. Payday lenders, however, charged customers interest rates as high as 300% or more, trapping them in a cycle of debt.
What are the Alternatives to Payday Loans in Mansfield?
If you are in Mansfield, Georgia, and you need cash quickly, there are alternatives to payday loans. One option is to contact local non-profit organizations, such as the United Way of Greater Atlanta, for help. These organizations offer emergency financial assistance, such as rent assistance and utility bill payment assistance.
Another option is to get a credit union loan. Credit unions offer small loans to their members at much lower interest rates than payday lenders. You can also consider a personal loan from a bank or online lender. These loans have longer terms than payday loans and lower interest rates.
Interesting Statistics and Facts About Payday Loans in Mansfield, GA
- Payday loan storefronts outnumber McDonald’s restaurants in Georgia by a margin of six to one.
- The average payday loan borrower in Georgia takes out 8 loans per year, with an average loan amount of $400.
- Payday loan borrowers in Georgia spend over $500 million in fees annually.
Apply Now for an Online Loan
While payday loans may be prohibited in Mansfield, Georgia, TheGuaranteedLoans can still help you find a connection to potential lenders for other types of loans. If you are in need of quick cash and do not want to resort to payday loans, we invite you to apply for an online loan through our website. As a connector service, we do not lend money directly, but we help you find lenders who may be willing to help you get the money you need. By filling out our online application, you can get connected with lenders who may be willing to work with you and provide you with a loan that fits your needs.
Our online application process is simple, fast, and secure. It takes just a few minutes to complete, and you can do it from the comfort of your own home. So why wait? Apply for an online loan today and get the money you need to take care of your financial needs.
The Bottom Line
Payday loans may be tempting, but they are not the best option for managing your finances. If you find yourself in a financial bind, consider contacting a non-profit organization or getting a loan from a credit union or bank. And remember, if you need help finding a lender for an online loan, TheGuaranteedLoans is here to help.