Payday loans are not available in Georgia and residents seeking emergency funds may consider other options. While short-term loans are useful as a temporal fix to financial hardships not all states have the same legal frame work for their governance.
Use Bad credit personal loans in Georgia
Bad credit personal loans in Georgia are positioned to offer a convenient source of funds for most residents. In most cases, a licensed lender in the state will be in a perfect position to give you a loan in a short time. Among the few requirements, having a stable source of income will determine the amount you qualify to get as well as the payment schedule.
How it works
Considering that payday loans are illegal in GA, residents can apply for personal loans. Normally, this would require a decent credit score in addition to regular income and the interests are lower. However, people with damaged credit scores can consider installment loans in this state. There are several lenders that are compliant with the lending law and they provide convenient application and approval process.
Credit cards can also be a good option for residents with average and good credit scores. But even with low credit scores, it is possible to get a credit card suited to your financial situation.
Lending laws in GA
Georgia is among the states where payday loans are illegal. Although the laws have existed for more than a century, things changed in 2004 when an amendment to the law declared payday loans a felony.
The law requires all lenders to be registered with the state. It also requires lenders to charge no more than 10% interest on any loan that is less than $3000.
The average credit score in Georgia
In this state, the average Experian credit score is 670 which ranks Georgia at position 46 in the country. Similarly, the average credit score among home buyers is reported to be 718.
While average credit scores are derived from a number of factors, it can indicate the prevailing economic status of a region.
Population and demographics in Georgia
Georgia has an estimated population of 10.2 million people according to United States Census Bureau. The state is ranked 8th in the most populous states in the country.
The state’s population is 59.7% white, 30.95% African-American, 3.3% Asians, and 0.3% Natives. Georgia is ranked 3rd among states with the highest population of Black-Americans. Also, it is ranked 1st among the states with the least number of people above the age of 65 in the population.
Although the residents are adherents of different religions, the most popular religion is Protestant Christianity with forming 70% of the population. Catholics, Mormons, Jews, and Muslims are some of the religions in the state.
The economic indicators
The gross state product for Georgia is reported to be $403 billion with a per capita income of $35,979. The state is home to 15 Fortune-500 companies as well as 26 Fortune 1000 companies. In the last four years, the state has held the top position among the best states for doing business in the country. Atlanta is a critical city to the global economy and it is commonly referred to as “world city”.
The economy is supported by various industries including agriculture, manufacturing, mining, and tourism. The agricultural sector is diverse and the state is a leading producer of pecans in the US. Production of textiles, processed food, automotive equipment, and chemicals are some of the focus points for the manufacturing sector. Interestingly, Georgia is among the highest producers and consumers of electricity across the country. Tourism has been a major contributor to the economy and sites like the Stone Mountain receiving about four million tourists per year.