Installment Loans in Lakemont, Georgia

Understanding Installment Loans in Lakemont, Georgia

Whether you are looking to consolidate debt, finance a small business, or cover unexpected expenses, installment loans have become increasingly popular in Georgia. While payday loans are only available for small amounts and must be repaid within a few weeks, installment loans offer longer repayment terms and higher loan amounts. As such, they are a more viable option for larger financial needs.

What are installment loans?

Installment loans are a type of loan where a borrower receives a lump sum of money and repays the loan in fixed installments with interest over a set period of time. These terms are agreed upon between the borrower and lender, with repayment periods ranging anywhere from six months to several years. Installment loans are typically unsecured, meaning there is no collateral required to obtain the loan, but this also means that interest rates may be higher due to increased risk for the lender.

Are installment loans legal in Lakemont, Georgia?

Yes! Installment loans are fully legal in Lakemont, Georgia. Georgia state laws explicitly allow for both installment loans and payday loans. Under the Georgia Industrial Loan Act, licensed lenders must comply with regulations and limits on fees and interest rates, which ensures that borrowers are not taken advantage of.

The Benefits of Installment Loans

• Flexible Repayment Terms: Unlike payday loans where repayment is due within a few weeks, installment loans offer more flexibility when it comes to repayment terms. Borrowers can choose a repayment period that works for them, ranging from six months to several years.
• Higher Loan Amounts: Installment loans offer higher loan amounts, so they can be a great option for larger financial needs such as debt consolidation, home renovations, or business costs.
• Easier Approval: Banks and other traditional financial institutions often have strict lending requirements, making it difficult for some borrowers to get approved for a loan. Installment loans, on the other hand, have higher approval rates since they are designed for borrowers who may not have perfect credit scores.
• Lower Interest Rates: While installment loans may have higher interest rates compared to secured loans, they often have lower interest rates than payday loans. And since installment loans have longer repayment periods, the overall cost of borrowing may be lower compared to a payday loan.

Interesting Facts and Statistics

• Georgia has the 6th highest number of payday lenders in the country: With 3.5 payday lenders for every 10,000 people in the state, Georgia ranks as the 6th highest state for payday lenders per capita. However, installment loans are also legal and popular in Georgia.
• The average payday loan in Georgia is $388: According to a study by the Pew Charitable Trusts, the average payday loan in Georgia is $388, and borrowers take out an average of 3.2 loans per year.
• Installment loans make up a significant portion of the lending market: According to a recent report by Experian, personal loans (including installment loans) make up the fastest-growing segment of the lending market, with 19.2 million loans originated in 2018.
• Installment loans can improve credit scores: If you make timely payments on an installment loan, it can boost your credit score since payment history is one of the key factors in determining your credit score.

Apply Now

If you are interested in applying for an installment loan in Lakemont, Georgia, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application, and we will facilitate the connection process. It is important to note that we are a connector service, not a direct lender. Our goal is to help you find the right lender for your needs. Apply now and take control of your finances today!