Financial troubles happen from time to time. And even planning your budget can not save the situation. No one is secured from urgent expenses and even your financial safety can be ruined in one moment. But the successful is the one, who knows how to find the way out of any difficulty.
When troubles happen, you need the money urgently. However, if you decided to take out cash from a bank, it may take too much time. Mind the possibility of lending from an online lender in Georgia, with quick approval and comfortable interest rates.
What are Georgia Installment Loans?
It is a kind of loan made in set up payments. If we compare an installment loan with any other type of loans, we see that it is one of the most convenient cash advances. You have more time for refinancing your credit due to a smaller size of installments.
How to get an Installment Loan in Georgia?
The process of getting an installment loan has never been this easy. There are two possible ways to apply for it: online and with the help of a lender in an offline store. However, online application is the most convenient way and takes you only a few minutes. After the application form is filled in, the lender immediately gives you an answer whether you are approved or not. If approved, the cash will be transferred into your bank account within one business day. Moreover, keep in mind that every state has its own laws and regulates the terms and conditions of a loan individually.
Georgia Installment Loan Laws and Regulations
First of all, you need to study the laws of Georgia concerning installment loans. It is important because each state regulates terms individually and Georgia is not an exception. Before applying for an installment loan in Georgia consider the following information:
- Maximum loan amount. The maximum loan amount in Georgia is not specified. However, if a lender offers 2500$-3000$, you can consider him a good option.
- The APR. The Annual Percentage Rate in Georgia depends on the term of an installment loan. Specify this moment when signing a contract. And remember, a lender cannot refuse to provide this information because it is regulated by the state’s law.
- Charges. You are obliged to finance a legal 10% interest on the principal to the creditor, as well as a Credit Access Business fee at a basic annual rate of 528% of the outstanding principal on short-term debts up to $1,500, and a charge at a standard rate of 408% on loans from $1,501 to $3,000.
- Minimum term in Georgia. This determinant is not specified in the state. Terms vary from lender to lender. To know what a particular lender offers, read the review of an organization.
- Maximum loan term is up to 180 days.
- Early repayment. Lenders are not allowed to charge pre-payment penalties. You are free to refund the loan in a shorter period of time. No problems can occur or extra fees will be charged. Most lenders encourage their clients to refinance their loans as soon as possible.
Georgia Installment Loan Alternatives
As installment loans may be slightly restricted in the state of Georgia, you may want to consider alternative sources of financing. The most popular ones are:
- Online Payday Loans
- Unsecured Personal Loans for Bad Credit
- Online Car Title Loans with no credit check
What are the advantages of Online Installment Loans in Georgia?
- First, consider the fact that there are different sizes and amounts of an installment loan. They may vary, depending on how much money you need and your creditworthiness.
- One more advance is that installment loans in Georgia have fixed rates and terms. Because usually lenders offer varying rates, and it makes very inconvenient to track how much you still need to repay.
- Flexibility is another advantage of installment loans. Taking out an installment cash advance allows you to plan your budget and pay not more than you can afford each month. If your budget is quite tight, you can choose the possibility of dividing a loan into smaller payments, so you will not put so much stress on your finances. For those who want to save total money there are short-term installment loans. It is always up to you to decide which option is the right one for your personal financial situation.
- Since long repayment terms are possible, you can take out significantly larger sums of money. It will help you to cover high-cost expenses and will not imply any risk and allows to plan your budget in a more comfortable way. Don’t worry about the possibility of remaining without money until your next payday.
- In the state of Georgia, the process of obtaining an installment loan is super quick. Cash advances are transferred into your bank account right after your application is approved. Any urgent expense will be solved in a few moments with the help of installment advances. Moreover, you do not need to refinance the loan at once as it is divided into small several installments.
- Bad credit is not a problem anymore. Since requirements are not that strict, it becomes so easy to obtain cash even for those with far from perfect credit history. However, a proof of steady income is still required.
What do I need to get approved for an Installment Loan in Georgia?
- Legal age. You need to be of 18 or older. Approving a loan for a person under the age is illegal in Georgia.
- A proof of legal residence of Georgia is required. Before getting an installment loan in Georgia, a borrower must provide his resident status. Your contact address will be a proof of it.
- A steady source of income. Even if your bad credit score is not a decisive factor for approving for an installment loan, a lender still needs to be sure that you are able to repay the loan. An income of at least $1,000 per month is enough.
- Your email address and phone number. Without this details, it will be much more difficult for a lender to contact you.
Choose your city in Georgia to get Installment Loan at a store nearby:
- Sandy Springs
- Johns Creek
- Warner Robins
- Peachtree Corners
- East Point
- Peachtree City
- Sugar Hill
- Union City
- Forest Park
- St. Marys
- North Druid Hills
- North Decatur
- Belvedere Park
- Lithia Springs
- Wilmington Island
- Villa Rica
- College Park
- Powder Springs
- Druid Hills
- Mountain Park
- St. Simons
- Richmond Hill
- Holly Springs
Can Installment Loans affect my credit?
If you manage to repay the loan on time, you don’t have a single reason to worry about ruining your credit history.
What credit score do I need to get an Installment Loan in Georgia?
Your credit score must be at least 580 if you want to be offered good rates and terms.
Is it better to pay in installments or in full?
If your finances are tight it is better to pay in small installments. This will allow you to easily manage your budget.
Do I need to provide a collateral?
An installment loan in Georgia is not secured. It means that no collateral is required.