Many people are going in for the no fax payday loan in Georgia. Yes, although the pay day loan industry is booming in all parts of the U.S., in Georgia, it is a slightly different scenario. These cash advances are given against the surety of your next paycheck but are under the constant scrutiny of the government in this state. This is to ensure that that the lenders do not charge high interests or hidden charges than ensnare gullible consumers into debt traps.
Taking An Online Georgia Payday Loan
An online pay day loan is a short-term cash advance that one can take online to tide over a sudden unforeseen situation where one is left cash strapped. It can be appropriately used to pay car repair bills, medical bills or the school fees of children. As all types of payday cash advances are 'unsecure' in nature due to being extended without a credit check, the lenders usually charge a higher interest, as much as 30% on credit amounts ranging from $100-$1500. The eligibility criteria are kept simple: you have to be a legal citizen of USA, over 18 years of age, have a regular job and a checking account in a bank.
Today, even though the Georgia pay day loan industry is also a multi-billion dollar industry, the government has inserted a number of 'checks' on the lending scenario. Some of the features that protect the payday loan in Georgia are:
o The Federal Truth in Lending Act details a compulsory disclosure of the cost of credit before the borrower in writing. Hence the borrower is clear about the finance charges and the annual percentage rate (APR) that is being charged on his advance.
o A usury limit is imposed to check the lenders. They cannot charge more than 8% on a loan than is not more than $3000.
o The county district attorney checks on any violations in the cash advance deals.
o The Payday Lending Act of 2004 authorizes felony charges against violators that include fines up to $25,000 and a jail sentence of 25 years.
Advice On No Fax Georgia Payday Loan
Also available online, the no fax payday loan in Georgia is quite hassle-free in nature. You can take one without placing a collateral and hand over a post-dated check for the amount that you borrow, plus a fee of $15 to $30 for every $100 borrowed. No documentation or worthless wastage of time visiting the payday stores with these cash advances, yet good counsel will tell you otherwise.
The advice of your well wishers would always be to avoid cash advances as much as you can. They are at times the 'breeding grounds' of debts and lure you into the bad habit of thinking of payday advances as easy credit. Instead, change your way of life, like plan your budget carefully every month, keep your expenses under control and follow the guidance on budget management from a professional consumer credit counseling service.
In spite of everything, if you still need to take a no fax payday loan in Georgia, do comparison shopping and adequate research to get yourself a credit deal with a low APR and few finance charges.
