Payday loan in georgia is one of the major pay substitutes for those Georgians who are facing an unexpected financial crisis. Pay day loans are also known as cash advance loans or personal paycheck loans. They are basically short-term cash advances that provide a little bit of help when the financial situation between two successive paydays is not under your control.
Easy Availability
Unlike other loans, Payday loans in Georgia can be obtained without a detailed credit check. A regular job and a bank account are enough for you to easily get a cash advance. As it does not involve any submission of documents, all those Georgians who are in desperate need of money can easily go in for a no fax Georgia payday loan.
Such mortgages can conveniently be availed by simply visiting the online Georgia payday loan sites. You can directly fill the forms online and in no time, the cash required gets credited to your account. You can also go to a payday lender who enables you to get the money without performing any credit check. They require a post-dated check from you for the amount borrowed, plus a fee of $15 to $30 for every $100 borrowed and a fee for setting up an account. The A.P.R. (annual percentage rate) ranges from 390 percent to 780 percent.
Merits Of Payday Loan:
1 Approved in minutes.
2 Does not require a credit check.
3 Saves you from documentation.
Demerits Of Payday Loan:
4 A much higher rate of interest.
5 Given only for short duration.
6 Can land you into a vicious debt circle.
Security Of The System
Though it is very easy to seek a Payday loan in Georgia, but its abuse made the state government to look into the money loan market. To save the customer from the claws of thousands of unlicensed payday loans lenders, the government has started taking several measures. In Georgia, as per rules, an unlicensed lender is not permitted to charge more than eight percent interest on a loan of $3000 or less. If by any chance, a customer feels cheated, then all the complaints regarding payday lenders are tackled by the respective county district attorney.
Despite of the measures taken by the government to help and protect the borrowers, it is always better to avoid unnecessary expenses which lead to the need for payday loans.
source:http://www.losangeleschronicle.com/articles/55910
