Alternative to Payday Loans in Georgia

Experts say that payday loans create more problems than they solve. You should look for other alternatives to it if you are in dire need of money. They are one of the most expensive loans today and people who take them out often have a very hard time paying it back. They are notorious in the loan world. If you somebody says “I need 3000 dollars right now”, you should look for other sources of the money. Payday loans have such a bad reputation that they are prohibited from 19 states. There are no payday loans in Georgia, as well as other states in America.

According to the consumer Federation of America, today, there are 22,000 storefront payday loan stores nationwide. They offer loans to people who have a steady job with at least a thousand dollars in monthly salary and US citizenship. But, getting a payday loan may not be a smart financial move as experts are quick to point out. Fortunately, there are other options which you can select when you need money.

One of the best alternatives to payday loans is credit union loans. Credit unions can be found in your local area. Members of the union can borrow up to $500 every month which they need to pay monthly using funds from their next paycheck. Loans are connected to SALO cash accounts which deduct 5% of the loan and put it on the savings account. The saving account is intended as a “rainy day fund” for members of the union.

There are also small bank loans which you can apply for. There are small bank loans of up to a thousand dollars which have interest capped at 36%. They can be paid beyond a single paycheck cycle. There is already a good number of banks which offer small consumer loans.

Credit counseling help is also something which people can try. There are various counseling services which offer free money management help. This will help lessen the risk of getting a payday loan.


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