Payday loans in Georgia are illegal. They have been banned for many years. Georgia’s hard stance against payday loans stems from decades-old usury laws.
The state of Georgia considers payday loans predatory lending because they typically target people with low-income and bad credit. Lenders offering high-cost payday loans can be pursued by criminal action.
The annual percentage rate (APR) for a payday loan often starts over 400 percent! This practice creates a cycle of consumer refinancing and continuous debt.
One payday loan can begin a never-ending cycle of future payday loans.
But there are options to payday loans in Georgia where you can get quick cash online.
Consider an online loan in Georgia
There are several benefits to an online loan in Georgia. For one, you can apply for a loan at your convenience from your mobile device, tablet or computer. But more importantly, an online loan in Georgia is considered an installment loan.
Installment loans in Georgia can be repaid in equal payments over a longer period of time. People typically use installment loans for big-ticket items such as a home, car or appliances or to consolidate overall debt.
Option to Georgia payday loans for bad credit
Bad credit can prevent you from getting a bank or credit union personal loan. OppLoans is a direct-lender that offers installment loans to Georgia residents with imperfect credit. Borrow up to $5,000 and improve your credit score.
The greatest benefit of an installment loan with OppLoans is that you DO NOT need the best credit to qualify. OppLoans considers credit scores that range from 350 to 850. The only drawback is that you can expect to pay higher interest rates than you would with a more traditional lender.
OppLoans can help Georgia residents with prior poor credit tendencies build a better credit history with timely payments. Payments are reported monthly to the credit bureaus and you can check your eligibility without affecting your FICO® score.
Other great benefits of OppLoans:
- Loans from $1000 – $5,000 with Flexible Terms
- No Application, Prepayment or Late Fees
- Quick and Easy Online Application
- Build Credit History with Timely Payment
With OppLoans no faxing is involved and you can instantly see what you may qualify for.
Who is OppLoans
OppLoans is an online lender which means you won’t have to wait long for an answer. Based in Chicago, IL OppLoans has been in business since 2009. In that time OppLoans has served hundreds of thousands customers.
How can OppLoans offer loans to people with low credit scores?
OppLoans looks at your broader financial picture — not just your credit score — to check eligibility and determine loan offers up to $5,000. This allows OppLoans to approve many customers who don’t qualify for traditional bank loan credit products. You can actually build credit history as long as you make on-time monthly payments.
What’s the difference in payday loans vs. installment loans
A “payday loan” is a short duration loan, usually two weeks, with excessive interest rates. While a payday loan provides quick cash, not everyone has the ability to pay back a loan by their next pay period. With a OppLoans, you can choose up to 18 months to repay the loan. It’s an installment loan.
How to get a customized loan offer from OppLoans
OppLoans offers an easy, quick online application process. You can completely apply online, find out how much you qualify for; and, if approved have money in your bank by the next business day. OppLoans does not require secured collateral such as a car title or home. This is an unsecured installment loan.
What you need to apply:
- Be at least 18-years old.
- Be a legal residents of the US.
- Have a Social Security number.
- Source of income which includes full or part-time employment, self-employment, benefits such as SSI, retirement, disability or unemployment benefits.
- Checking account information.
Loan Application Process:
- Quick Decision. OppLoans processes your application quickly. Check your eligibility without affecting your FICO score.
- Direct Deposit: If you’re approved, you may be able to get your loan funds deposited as soon as the next business day.
- Repayment Options. You’re able to choose how you repay your loan, giving you more month-to-month flexibility than many other loan options.
After your loan is approved:
- PayOff Loan Quicker: Make an additional payment or bring a payment forward–all without penalty.
- Refinance your loan: You’re also able to refinance to lower your repayments or borrow more money, although this depends on your state of residence.
- Manage your loan online: Update your personal, employment and contact details and check your loan payments through your online account.
- Set-up repayment option: There are a number of ways for you to repay your loan, including electronic funds transfer, check, debit card, credit card, money order, MoneyGram or Western Union.
- Build your credit history: Monthly payments are reported to Experian and Transunion credit bureaus. Timely payments can help build your credit history.
How much can Georgia residents borrow from OppLoans
OppLoans personal loans made to Georgia residents can be used for any reason up to $10,000.
- Georgia Loan Amounts: $1000 – $5,000
- APR Range: 99%–199%, varies by state
- Loan Duration: 12 – 36 months
- Loan Fees: There are no application fees and no prepayment fees.
Summary of OppLoans benefits for Georgia residents
Apply anytime. Easy application that only takes a few minutes to complete. No hassle of traveling to a business or talking with someone to get the loan you need.
Instant loan offer. Find out instantly how much you qualify for with no obligation to accept loan offer.
Quick approval. You will find out immediately if you’re eligible for a loan and the maximum loan amount you qualify for.
No hidden fees. Besides the simple interest accrued on your loan, you won’t have to pay an application fee, late fee, origination fee, prepayment fee or non-sufficient funds fee.
Automatic repayment available. You can choose an option of automatic payment so that you don’t forget to make your payments on the due date.
No car or home needed as collateral to get a loan. This information IS NOT required in the online application. This is a no-collateral, unsecured installment loan.
Build your credit history when making your payments on time. OppLoans reports to two of the three major credit bureaus (TransUnion and Experian). Making timely payments can help you build a positive credit history, and thus improve your credit score over time.
Eligibility doesn’t only depend on your credit score. Your entire financial situation is taken into account when you apply for a loan through OppLoans, not only your credit score.
You can choose the loan amount you need. There aren’t fixed loan amounts, so you can choose the amount you want to borrow without having to borrow more than you really need. You can get loans from $3,100 – $10,000 with flexible terms.
Receive the loan as soon as the next business day after your applications and approval. You’ll receive the loan money in your account as soon as the next day after your approval.
Repay a larger amount or the full loan at any time. If you decide to pay extra on your loan to repay it sooner, you will not be charged any extra fees. Extra payments can help you get rid of your debt faster without additional fees.
Chicago-Based customer support available every day. This customer support is open every day of the week, from 8am-8pm CT on Monday through Friday, and from 9am-5:30pm on Saturday and Sunday.
Enjoy tips to improve your credit. In addition to reporting your payment to the credit bureaus, OppLoans offers you a wide range of tips to improve your credit and repay your loans.
Check your eligibility 24/7. See how much you may qualify for without any impact to your FICO credit score.