Residents across Georgia may face sudden expenses that require quick access to funds. Short-term loans offer a fast, reliable, and flexible solution to help you manage these unexpected financial needs.
Short-Term Personal Loans Rates and Fees
According to the Georgia Attorney General’s Consumer Protection Division, payday loans are illegal in Georgia. However, licensed lenders offer short-term installment loans, which are heavily regulated by the state.
APRs
The APR for short-term installment loans in Georgia is capped at 10%. The APR is calculated based on the loan amount and repayment terms, so review the loan agreement carefully.
Loan Amounts
In Georgia, short-term loans are typically offered up to $3,000. Remember to borrow only what you need to cover your financial needs.
Terms
Georgia law does not specify minimum or maximum loan terms for installment loans, so that the loan duration may vary by lender.
Fees
For installment loans, lenders may charge fees, including a finance charge of up to 10% for loans of $3,000 or less. Specific fees depend on the lender’s terms.
Short-Term Loan Example
Here’s an example to help illustrate what a short-term loan might look like:
- Loan Amount: $500
- APR: 10%
- Repayment Term: 60 days (2 months)
- Monthly Payment: Approximately $253.13
- Total Repayment: Around $506.26 (including all fees)
This example shows how a short-term installment loan in Georgia might work. Actual loan amounts, repayment schedules, and fees depend on the specific lender and loan terms.
Lending Regulations in Georgia
Georgia has a comprehensive framework for regulating short-term loans to protect consumers and ensure lending fairness. For more information, visit the Georgia Department of Banking and Finance.
| Regulation | Details |
|---|---|
| Interest Rate Cap | 10% for installment loans. Payday loans are not permitted. |
| Maximum Loan Amount | $3,000 |
| Term Length | Varies by lender |
| Fees | Fees are capped at 10% for loans under $3,000 |
| Oversight | Georgia Department of Banking and Finance |
Our Benefits
Simple Request Process
No matter where you are in Georgia, our online form makes applying for a short-term loan quick and easy. Skip the paperwork and use it from anywhere in just a few minutes.Your Choice
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How to Apply for a Short-Term Loan in Georgia
Provide Your Information
Fill out our simple application form online by inputting your loan amount, income details, and basic personal information.We Search Lender Offers
We’ll do our best to find a licensed lender in Georgia that meets your needs.Accept and Get Funded
If you receive an offer, review the loan details, including the APR, fees, and repayment schedule. If it works for you, sign the agreement electronically, and you may receive the funds shortly thereafterLoan Alternatives in Georgia
Emergency Loans
Emergency loans are intended to cover the costs of urgent needs, such as car repairs or medical bills. They are fast loans that usually offer quick access to cash and require minimum paperwork.
Personal Loans
Short-term personal loans provide more funding for various reasons, such as debt consolidation, home improvements, or unexpected expenses. These loans offer more flexibility in repayment terms.
Installment Loans
Need more time to pay? Installment loans let you break repayments into manageable amounts over a more extended period, with amounts up to $1,000.
Bad Credit Loans
Even with less-than-perfect credit, you may qualify for bad credit loans in Georgia. Some lenders specialize in offering loans to those with poor credit, although at very high rates.
FAQ
Are Short-Term Loans Legal in Georgia?
Short-term loans are legal in Georgia, but they must comply with state regulations. Georgia does not allow payday loans but does permit installment loans with specific terms and conditions, including capped interest rates.
What Are the requirements for Applying for a short-term loan?
To qualify for a short-term loan in Georgia, you must:
- Be at least 18 years old
- Be a U.S. citizen or a permanent Georgia resident
- Have a valid Social Security number
- Have a stable income
- Maintain an active checking account
What Are the Top 5 Cities for Short-Term Loans in Georgia?
Georgia's most popular cities for short-term loans are Atlanta, Savannah, Augusta, Macon, and Columbus.
Can I Get a Short-Term if I Have a Poor Credit History?
Licensed lenders in Georgia evaluate a range of factors beyond your credit score. While a poor credit history might affect your loan terms or interest rate, you may still qualify if you meet the income and residency requirements.
What Should I Do if I’m Having Trouble Repaying My Short-Term Loan?
If you’re facing challenges repaying the loan, contact your lender immediately. Licensed lenders may offer options such as repayment extensions or alternative arrangements, though additional fees or penalties may apply. Review your loan agreement and understand your options before the due date.