Fast Cash Georgia

With about 23,000 payday loan stores located across the country, Americans clearly have a strong appetite for short - term cash advance loans. Each year, millions of Americans take out payday loans, creating an industry that loans out billions of dollars.

Fast cash loans are in demand because they offer a quick infusion of cash that can be a useful stopgap in tough financial situations. Borrowers also are attracted to the speed, convenience, and simplicity of the lending process.

Here's how payday lending works:

Payday loans typically range from about $100 to $500. Larger amounts are prohibited in most states for these short - term loans.

While payday loans do offer fast access to cash, borrowers need to understand that these loans come with high interest rates. The APR on a payday loan can easily exceed 400% in many cases. That's why these loans are typically only recommended as a last resort.

Georgia Payday Loan Laws

Each state has its own special set of laws that govern payday lending. In Georgia, however, these laws are pretty different than in most states. Traditional payday loans are currently prohibited in the state of Georgia. In 2004 legislation was passed and payday lending officially became a felony.

Now, anyone that makes Georgia fast cash loans at illegal interest rates can be charged with a felony and racketeering charges, with penalties that include fines up to $25,000 and a jail sentence of up to 25 years.

After this law was passed, many payday lenders tried to sue the Attorney General and Secretary of State to keep this law from going into effect. However, the payday lenders lost the lawsuit and a subsequent appeal was dismissed.

As a result of these laws, dozens of payday lending stores had to shut down all across the state. According to industry professionals, thousands of Georgians now leave the state to take out payday loans.

Other important things to know about payday loans in Georgia include:

Explore Your Alternatives

Because payday loans are illegal in Georgia, you need to explore your alternatives if you find yourself in a situation where you need cash quickly. Some of these alternatives may include:

No matter what you choose to do, make sure you arm yourself with plenty of information so you can make a smart choice.

Stay Updated on Georgia Payday Loan Laws

Ever since payday lending got shut down in Georgia, there have been those from the industry fighting to get it reinstated. To date, fast cash Georgia loans are still prohibited. However, this is always subject to change.