We here at Help With Payday Loan Debt have been blogging about state by state payday loan laws and updating our information on them and today’s blog will see the Georgia payday loan laws updated.
While the economy is booming right now and many people are seeing better financial times there are still many of us who are in need of emergency funds and have few options for borrowing money the conventional way.
This series of posts is to help those of us scattered all over the USA who may need to use payday loans use them safely and if payday loan debt becomes a problem inform people where they can find help regardless of which state they live in.
Let’s take a look at the state of Georgia and check out what their laws are concerning these types of short-term loans!
Georgia Payday Loan Laws
Georgia is actually one of the states that really watch out for their people when it comes to short-term loans that carry high interest rates.
This state has made these kinds of loans all but illegal back in 1955 with the Georgia Industrial Loan act and the laws have stood up in the courts.
It sets strict usury limits on small short-term loans and required the lenders to be licensed and registered. In 2004 the fines and penalties were increased by the Georgia General Assembly.
According to the payday loan companies, these rules and laws make their kinds of loans unprofitable so they do not do business directly in Georgia as they do in many other states but you can still find these types of loans in this state.
Most are written by out of state companies and they carry interest rates of around 10% but are a bit more difficult to get as you must prove you can afford to pay the loan back and they are strictly regulated.
So overall Georgia looks pretty good when it comes to protecting its population from predatory lending by making these short-term loans illegal!
As in all things, there is always a catch or a loophole and in Georgia and most every other state in the union for that matter those online payday loans pop up.
Any person in just about any state can have money deposited in their checking or savings accounts within hours just by signing online and filling out a loan application for one of these online loans.
Regardless of whether or not the online loans are deemed illegal or not they are still there and they will give you money because many of them are based outside of the USA and are almost impossible to prosecute in states that deem them illegal.
So, are they a safe and good option when you need emergency funds and can not get them using conventional means?
We, this is a two-fold answer of yes and no!
The yes is simple, If you are informed on how to use online loans and how they charge you interest yes you can use them safely and they can be a godsend when you have an emergency and nowhere to turn.
The no is also a simple answer, If you do not know how they work and how to avoid getting trapped in debt then you should either get informed or stay away from them completely because you can dig a very deep financial hole in a very short amount of time!
We have a great article called Payday Loans Online that covers how to use online payday loans and what to watch out for when using them and we consider this article mandatory reading for those who may venture into the online version of these loans!
One last thing we would like to touch on is in most situations where we are in need of emergency cash and start looking at using these types of loans the dollar amount is almost always between $500.00 and $1000.00.
We strongly suggest doing whatever it takes to build up a $1000.00 emergency fund that can be used for these types of situations, thus eliminating the need for borrowing money at all.
Think about it, using your own money for free!!
You may be surprised just how quickly you can save this up.
Check out some of Dave Ramsey’s suggestions on how to get it done!
Hopefully we have answered any questions that arise involving Georgia and short-term loans.
As promised at the beginning of this post we would cover where to find help with out of control payday loan debt.
We would like to assure everyone in every state that help is available and it is available right now! Just give us a call toll-free at 1-877-280-5100 and we will be more than happy to get you headed towards no payday loan debt!
As always if we missed something or just want to leave us a comment we want to hear from you!
Please drop us a line below and we will respond accordingly!