Different unexpected situations appear on our ways sometimes. It can be an unexpected job loss, death of a family member or disability, that rapidly change a normal way of your living. However, you do not have to become discouraged. There is always a way out. Personal Loan lenders in Georgia offer an opportunity to cover all of your unexpected costs. A personal loan gives you the possibility to heave a sigh of relief.
What do I need to apply for a personal loan in Georgia?
When you are finally sure that you want to apply for a personal loan in Georgia, you need to fit some requirements. A lender will require to provide some personal information, which will be used to check your credit history and make a lending decision.
Here is the list of what you need to provide:
- Valid ID, such as driving license
- Social Security number
- Proof of steady income
- Employment history
- Actual address and phone number
Consider the fact, that a lender needs to secure himself from unfair business practices. That is why the more personal details you provide, the higher are the chances to get the best personal loan opportunity in Georgia. Also, lack of information can affect the flow of the application process in a negative way.
Do not make a lender doubt about your financial situation or identity. This may lead to a declined loan application.
Personal loan laws in Georgia
Interest rate laws in Georgia regulate any rate higher than 7 percent to be specified in written form, but do not place any restrictions on rates for loans between $3,000 and $250,000.
Maximum interest rate can be 16% where principal loan amount is not more than $3000. No limits can be set on rate if loan is between $3000 and $250,000, however, it must be in simple interest in written contract. A written contract allows the lenders to charge simple interest to more than seven percent.
If a lender charges interest rates higher than the Georgia’s legal maximum interest, it is considered to be a usury. If a rate of interest is charged in violation to laws of Georgia, the organization will have to be deprived of the interest charged in this way. According to loan laws of Georgia a lender will also have to be brought to penalties for usury. It is a crime to charge an interest rate of five percent for each month or more in a transaction. 10% a year is the regulatory interest rate for small industrial loans in Georgia.
However, Georgia loan laws cover only certain organizations and individuals. They do not work for national banks, which, as a rule, have the word “National” or “N.A” in the name. Pawn brokers, and some other small personal lenders may also be free from the interest rate laws.
Every lender with a license is permitted to give any sum of cash advance not exceeding $3,000 for a period of not more than 36 months and 15 days. A lender has the right to charge, contract for, collect, and receive interest and fees and may require the fulfillment of conditions on such loans.
Georgia Personal Loan Alternatives
As personal loans are rather high by amount, you may want to consider alternative sources of small-dollar financing. The most popular ones are:
- Online Payday Loans
- Unsecured Installment Loans for Bad Credit
- Online Car Title Loans with no credit check
Choose your city in Georgia to get Personal 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 I use a personal loan for home improvement in Georgia?
It is possible to use a personal loan for home improvement in Georgia. Many lenders deal with borrowers who want to make a home improvement. These lenders offer two types of loans: secured and unsecured personal loans, that can be used for home renovation.
How long does it take to get a personal loan in Georgia?
It is possible for a borrower to get a personal loan in Georgia on the same day. As a rule, personal loan lenders in Georgia take from one to four days to approve your application. However, in some cases, it takes up to seven days for cash to be payed out. Ask your personal lender about how long their financing period is.
What can disqualify me from a personal loan?
There are several reasons why your personal loan application can be rejected. Your low credit score or poor credit history, a high DTI ratio, absence of a steady source of income, unstable employment history are among those reasons. It is also possible to receive a rejection if the purpose you take the loan for does not match the lender’s loan purpose requirements.
What happens if you don’t pay back a personal loan?
If you do not manage to pay off your loan, it may have several consequences. Lenders will deny to approve your applications for any type of loan in the future. Your credit history can be damaged. Good interest rates will not be available anymore when applying for a loan later. Wage garnishment, if the loan was unsecured, is also possible. Assets confiscation, if the loan was secured.
What credit score do I need to apply for a personal loan?
To apply for a personal loan, a borrower needs to have a credit score of at least 610 to 640 to simply qualify for a personal loan. If you want to have a loan with the lowest interest rate, you usually need a score of at least 690.
What is a disadvantage of a personal loan?
Personal loans may come with fees and penalties that can increase the cost of credit. Some loans imply origination fees of 1 % to 6 % of the loan amount. The fees, which cover loan processing, can either be rolled into the loan or subtracted from the amount payed off to the borrower.
Is a personal loan in Georgia available for bad credit?
You can get a personal loan with bad credit in Georgia from many lenders. These personal loan providers approve applicants with credit scores below 640, and they offer affordable APRs and fees. Do not hesitate to improve your financial situation if your credit history is not good enough.
Personal loans are a great opportunity to make your life better. You only need to analyze all possible offers and choose the one which best fits your financial situation. Be aware of your state’s personal loan laws and it will drive you to success.