Payday Loans Stonecrest, GA
Stonecrest is a city located in DeKalb County, Georgia (GA). The current population of Stonecrest, Georgia is 56,340. According to statistics, the median household income reaches $62,457. A poverty rate is equal to 15.66%. 48% is the rate of approved and issued payday loans in Stonecrest, Georgia. The median rate for rent is $1,146 a month. The median house value is $136,400. The median age is 33. 93.81% of Stonecrest residents speak only English. 26.9% is the total marriage rate. 52.34% of population was born in Stonecrest, GA.
What are payday loans in Stonecrest, Georgia?
Financial issues are always acutely perceived by people. It is always not enough funds to live a full life. It is necessary to make large purchases, payments, and sometimes a person finds himself in a difficult financial situation. Then payday loans Stonecrest, Georgia come to the rescue.
A payday loan in Stonecrest, GA is a loan issued for a short period of time. Different banks offer different terms for issuing loans: the terms, amounts and interest rates may vary. But it often turns out that it is not so easy to get a bank loan.
It is for this reason that payday lenders that issue loans are becoming popular.
Distinctive features of payday lending options
Payday loans have the following characteristics:
- lack of bureaucracy – no guarantors, collateral, income statement are required to obtain a loan;
- high speed of application– a small loan is issued on average within 30 minutes from the moment of registration, with repeated treatment, the money is credited within 3-5 minutes;
- convenience – unlike bank loans, cash advance loans are often issued on a card, it is not necessary to visit the company’s office for this;
- a short loan term – a loan is taken out for a period of no more than a month, but many organizations offer the option of prolongation;
- high interest rates – minimum requirements for the borrower affect the increased interest rate, thus lenders protect themselves from unscrupulous borrowers.
To get a cash advance, in addition to an ID and TIN, you need to have a bank card, email and phone, as well as be of legal age (18 and over).
When should I apply for payday loans Stonecrest, Georgia?
High interest rates make small loans too costly – overpayment may exceed the size of the loan body by one or more times, therefore, it is recommended to apply for such loans only in the following cases:
- if this is the first loan, usually MFIs set almost zero interest rates on the first loan, that is, how much the borrower took out, so much he needs to give;
- urgent need for money, for example, for treatment, a bargain purchase – you should contact the lender only in cases when there is real confidence that the loan will be repaid on time.
If you do not return the payday loan on time, then fines will be charged for each day of delay, which is fraught with large expenses. Late payment can negatively affect the credit history. If you spoil the credit rating, it will become more difficult to take out a loan from a bank.
The difference between a payday loan and a bank loan?
First of all, these organizations differ from ordinary banks in terms of loan issuance:
- loan amount. As a rule, online lenders issue small loans, that is, loans for a short time. At the same time, the loan amount is also not very large – up to about 50 thousand rubles;
- the speed of application review and loan issuance. In banks, people have to spend much more time providing the bank with all the necessary certificates. The organization’s specialists consider the application for the issuance of a payday loan Stonecrest, Georgia very quickly, which allows you not to waste extra time;
- terms for issuing a small loan. The borrower’s credit history does not play a big role for microfinance organizations. There is an opportunity not to make a deposit and not to submit a certificate of income.
Money in debt can be obtained via the Internet. Online platforms containing information about various microfinance organizations also contain information necessary for a potential borrower.
Features of issuing a small cash advance
Cash advance is a great opportunity to get money when a person needs it much.
When choosing a payday lending service, it is worth paying attention to the conditions offered by them. They are subdivided:
- repayment methods. You can pay off the debt through an ATM, a card, and directly in the office;
- time of depositing. You can choose when it is best to receive funds – instantly, the next day, in an hour, in 5 minutes;
- the method of issuing a loan: in cash, to a bank account, by phone;
- various ways of registration. Obtaining a payday loan is possible without collateral, without checks, and certificates.
Keep in mind that you need to soberly assess your financial capabilities, because a person who borrowed money is obliged to return them. No one wants to be a “defaulter” — therefore, it is better to repay debts on time.
The basic common requirements
- Age — 18 to 65 years (this threshold may vary slightly for different banks);
- The presence of citizenship of the United States;
- Permanent official place of work (continuous work experience of at least 6-12 months, depending on the loan type).
- The minimum level of official paycheck.
- If you have a credit history, there should be no overdue payments.
If it is difficult to influence the first four points in the short term, then the credit history can be built independently.
Basic tips for issuing payday loans
Evaluate your solvency
It may seem to you that there are not so many loans, and a new payment is quite possible. But the bank takes into account all debts, including obligations where you are a guarantor. It is important that you feel comfortable coping with the credit load.
Before applying for a new loan, analyze your financial capabilities. You can also try to reduce the credit burden, that is, to close the current debts on existing loans as much as possible before taking out a new one.
Determine the loan size
Sometimes it happens that the requested amount is too large. Even if the loan term is extended and the payment is reduced to a minimum, it may exceed your income. In this case, the bank will approve a smaller amount or refuse the loan.
In the application, specify the loan amount at which the monthly payment on it will not exceed 50% of your income. If you have additional income that you can confirm, this will definitely be taken into account.
Fill out the application correctly
Specify only truthful information about income, field of activity and work experience. The bank has the right to verify its accuracy and, if necessary, in accordance with the current legislation, request additional information from external data sources.
Even if you were denied a loan, it’s not forever. You can apply again within 30 days, when you make sure that the minimum requirements are met.
Read the contract carefully
After the bank approves the application, the user accepts the agreement’s terms. It must be carefully read and studied.
Pay attention to the subject of the contract, the full cost/amount of the loan, payment terms, the rights and obligations of the parties — the borrower and the bank, the repayment procedure, the property liability of the parties and the dispute resolution procedure.