Payday Loans Savannah GA
Sometimes a difficult financial situation forces you to take risks and compromises. Despite the higher APR compared to banks, payday lenders are in demand among various segments of the population. There are many payday companies in Savannah GA. The secret of their popularity is simple – you receive money immediately after applying. When there is no time to prepare documents and wait for approval from the bank, the decision to take a short-term loan looks quite justified. You will have to overpay for speed, but the problem will be quickly resolved.
Payday loans in Savannah GA and why you need them
Typically, payday lenders charge less than banks. A bank loan, as a rule, is taken to improve the quality of life – the purchase of expensive equipment, repairs in an apartment, rest. A short-term payday loan is needed rather to meet urgent needs in unforeseen situations. A delayed paycheck or an emergency like a broken tooth are the most common reasons for contacting a payday lender.
What are the common reasons for getting payday loans in GA?
Since payday loan amounts are limited, such loans are not suitable for the purchase of a car or an apartment, but this money can be an addition to the main account when buying it. Consider this option. You contacted a car service with a pre-announced amount by phone, but during the service, they identified problems that require additional investments, which you do not have at the moment. By contacting a microfinance organization, you will quickly fill this gap in the budget.
It’s time to do the cleaning / work and the vacuum cleaner / laptop is out of order? And at the same time, your paycheck is delayed for any reason? You need to make a monthly payment on a mortgage and you were forced to spend all the money in an emergency? You don’t have enough money for medical treatment, wedding, business? These are all common reasons to apply for a payday loan.
Who is eligible for a payday loan for bad credit in GA?
Online cash advances loans are issued to individuals who comply with the following eligibility criteria:
- be 18 years old or older;
- be a legal US citizen or resident (identity verification)
- have a steady income;
- have a mobile phone and a bank account;
- not be a debtor in bankruptcy.
These are basic requirements set by most lenders. However, many payday companies provide loans to seniors or students. Since the process does not require a letter from the employee, even unemployed people can get approved for a cash advance online. A guarantor or collateral is not needed either.
The benefits of getting a payday loan at Savannah GA
There are a lot of benefits of using such a service. The application procedure is very simple and fast, which makes this type of lending the most attractive for a certain part of borrowers. The advantages are as follows:
- Contact at any time. Online services allow you to receive funds when you need them. Money is issued around the clock. You should expect to get the money in your account within a few hours. A personal visit to the lender’s office is not required;
- No paperwork. The list of required documentation is small. In most cases, you only need an ID to apply. You do not need to provide pay stubs, bank statements or tax returns;
- Instant decision. The application is filled out and considered much faster than in banks. Money is transferred immediately after receiving approval. It often takes about 10 minutes to complete the process;
- High approval rates. When it comes to small amounts, a positive decision is made in 94% of cases;
- Availability. Banks impose more stringent requirements on their clients. Age restrictions and bad credit will become barriers to receiving money. Payday companies are more loyal to borrowers. Minor delays and a low credit score do not guarantee rejection.
Important! Timely repayment of the loan will improve the client’s profile. Repeated closure of debts on time will help you get approved for a bank loan in the future.
The costs and regulations surrounding Savannah GA
Here’s what fees and terms you can expect when applying for online loans in Savannah, Georgia:
- Maximum APR. If you apply for a 2-week $100 loan, the maximum annual percentage rate is 309%;
- Finance charges. If the loan amount is not higher than $30, the company cannot charge more than $1 per every $5 you borrow;
- Maximum amount. The maximum amount of a payday loan in Savannah, Georgia is not determined;
- Maximum term. The terms of bad credit loans GA are typically 1 week to 31 days;
- Acquisition charges. If the borrowed amount is between $30 and $100, the lender may charge a legit acquisition of one-tenth of the loan amount. If your loan amount is higher than $100, the acquisition charge cannot exceed $10.
How to get a payday loan online in GA
The application process has never been so easy. To get accepted, you only need to:
- Complete an application online and submit it. Make sure you make no errors during the application. Ay mistakes may result in loan rejection;
- Get connected to the lender. We will process your application immediately and connect you with the best lender for your needs;
- Get a loan. Review a loan offer. If you are satisfied with the rates and terms, e-sigh a loan agreement;
- Get money. You should expect to get the money in your account within a few hours.
Valuable information you should know about payday loans in Savannah GA
We recommend that you apply for payday loans only when money is urgently needed.
First of all, you need to have a clear understanding of how you plan to repay the loan. If you add late payment interest to the high percentage, the amount of debt will be significant and will grow day after day like a snowball. Getting a payday loan to pay off another loan is not a good idea. A temporary solution to the problem in the long term will only aggravate the situation. And the last but very important rule – short-term online loans should be taken only in emergencies, and not to buy non-essential items.
Payday loans differ significantly from bank loans. Both have their pros and cons. The main advantages of payday loans are practically guaranteed approval, quick receipt of funds 24/7 without collateral. In the bank, you can borrow a larger amount for a longer time.
As a result, it turns out that it is worth contacting payday companies only in two cases: 1) when money is needed urgently or 2) if you have been rejected by other financial institutions that offered more favorable conditions.
Based on the above, we can draw a simple conclusion – payday loans are designed to help people get out of short-term financial difficulties associated with the lack of money. These are the main purposes why clients contact these financial institutions. They just need to get loans for any purpose quickly and without headaches.