Georgia Cash Advance Consumer Resource

If you find yourself in a bind and in need of some money fast, sometimes it is difficult to know exactly where to turn. Turning to the Internet when seeking out a cash advance in Georgia will turn up hundreds – or even thousands – of results that all make similar promises of simple, no-credit-needed loans that offer upfront cash. While there are several options from which to choose, there is one course of action in particular that you should certainly not take if you want to stay on the right side of the law: payday loans.

In 2004, the Georgia state government passed legislation that made payday loans to residents of the state illegal. A payday loan is a loan in which the borrower writes a check to be cashed at a later date, usually his or her next payday, and then receives the loan in cash, often with exorbitant fees and charges attached. Some payday lenders are quick to give out these loans, knowing all the tricks of the trade to ensure that the borrower will not be able to repay the loan at the end of the period. Charging between $15 and $30 per $100 borrowed, the APR on a payday loan can range anywhere between 390% and 780% for a two-week $100 loan. While it would appear an obvious choice to stay away from such a loan, sometimes people have no choice. Payday loans typically only require identification and recent bank statements and pay stubs, allowing someone with terrible credit to get a loan when a bank would normally turn them away.

If you find yourself in such a situation and need a cash advance in Georgia, take solace in the stricter laws passed that regulate various aspects of small loans.

• 16% Interest: Probably the most important part of the restrictions passed, this limit keeps the actual cost of the loan down, making it much easier to pay back and avoid other charges or fees associated with defaulting.

When trying to obtain a cash advance in Georgia, it is important to take these numbers into consideration.

One resource that many people manage to overlook when looking for a cash advance in Georgia, or any other state, is the non-profit support structure in place, funded by the taxes you pay as a citizen. The Georgia Department of Banking and Finance provides a wealth of information regarding paydays loans and small loans in general, perhaps the most important of which is a listing of the licensed lenders in the state. The majority of lending sites that a quick Internet search will turn up are located out-of-state and therefore subject to completely different laws. By staying within your state of residence and only borrowing from licensed lenders, you can be assured that the Georgia laws on small loans, which favor the borrower, are being closely followed. And if you doubt for a minute that they are, the Department of Banking and Finance is ready to hear complaints about lenders.

Another resource along the same lines that is actually suggested by the Georgia Department of Banking and Finance is locating your local credit counseling center. Having the objective opinion of a professional when looking for a cash advance in Georgia is a powerful asset. No matter which bank or lender you go to for information, you can never be sure if what you hear is biased, favoring that particular organization. A non-profit gives you the security of offering sound advice without wanting to persuade toward any particular business.

If you have come to the decision to take out a small loan, the single most important thing you can do is to fully read and understand the loan you are signing. The power of a written contract is difficult to overcome in the U.S., and by understanding what you are signing you can avoid having the wool pulled over your eyes. Because most contracts are filled with legal jargon that you need a specialized degree just read, let alone understand, a non-profit credit counselor can particularly come in handy at this stage. Having a qualified person read the contract ensures you will not miss anything, no matter how insignificant it may seem.

Perhaps the second most important thing you can do is report the behavior of a lender when they break protocol. Often times, a borrower will feel backed into a corner when they are behind on payments, and lenders take advantage of the fear that these situations bring about. It is important to keep a level head and inform the proper authorities about unlawful loan collecting practices. By doing this, you not only help yourself out of a sticky situation, but also those that would borrow from the same lender if nothing were done. Again, speaking with a trained individual at a counseling center will help you further understand the rights you have as a borrower and when it is appropriate to report a lender.

Once you have gotten a cash advance in Georgia, it is important to stay on top of your loan and make payments on time. Small loans are only temporary situations to begin with and should be treated in that way. Use the extra time that the loan affords you to make sure your finances are in order so that once the loan is paid off you can begin to build up savings and refrain from using small cash advance loans as much as possible.