Personal Loans in Georgia
Georgia personal loan disclosures
What are the Georgia payday loan disclosures?
For more information please contact:
State of Georgia
Consumer Services Division
2 Martin Luther King, Jr. Drive, West Tower, Suite 716
Atlanta, Georgia 30334
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Please note that the summary of these disclosures are not intended to be and should not be used as a substitute for reviewing the statutory language, nor do they constitute legal advice. You should contact your home state banking regulator for specific questions.
If you are matched to a short-term lender please read the following important information:
Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower’s expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult the federal, state, and local governments to learn more about the risks involved with cash advances, local laws and regulations governing cash advances, possible loan alternatives and recent developments in their state. Consumers with credit difficulties should seek credit counseling, which we do not provide.
Payday or Cash Advance Lenders
When you are matched with one of our payday lenders, you can expect your APR to range from 353.23% to above 700%.
When you are matched with one of our short-term lenders, you can expect your APR to range from 199.44% to 448.76%.
The following is a representative of our network of participating lenders: If you are unable to repay your loan in a timely manner, you may be assessed one or all of the following, according to the terms of lenders - late fees, administrative fees, non-payment fees, insufficient fund fees, court costs, and legal fees. In addition, unpaid fees may accumulate interest. The lender you are matched to will disclose all potential fees. Fees may range from $25 to $2,000 based on applicable state law maximums.
If you are unable to repay your loan, collections efforts will be undertaken in accordance with the terms of your lender but may begin immediately. Collections practices vary by lender, and all lenders are subject to the Fair Debt Collection Practices Act. For example, debt collection efforts may include the following: telephone calls to your home or place of employment between the hours of 8:00 a.m. and 9:00 p.m., voicemail messages, notices by mail, and door to door. However, debt collectors may not harass you, make false statements, threaten arrest, or engage in any other unfair practices.
Credit Score and Timely Payment Implications
Please take time to understand the ramifications - set by the terms and conditions of your lender - if you fail to make timely payments. For example, if you fail to pay your loan on a timely basis, your lender may report your delinquency to a credit reporting agency. If the lender reports your delinquency, your credit score may decrease. If your credit score decreases, your cost to borrow in the future may become more expensive and, depending your level of debt and other factors, you may be unable to borrow money from any lender in the future. Please be aware of the implications of failing to make timely payments. You should ask your lender - if you are approved - specific questions regarding ramifications about timely paying back your loan.
Depending on the lender you are matched to and in accordance with state regulations, you may be able to renew your loan. Your loan agreement may give you the option to renew your loan manually or automatically. In some cases there may be administrative fees associated with renewals. Renewal fees may range from $20 to $100 depending on the size of your loan and your matched lender's terms. Review the section titled Financial Implications if your renewal is connected to your inability to repay the original loan. Again, please become familiar with the terms and practices of your lender.