Installment and Personal Loans in Georgia: Payday Loan Alternatives
One short form for installment loans with fixed monthly payments, offers from licensed lenders, and money sent to your bank account if you are approved. Larger personal loan requests up to $35,000 are also accepted.
Estimate uses 36% APR as an example, repaid over 12 months. Your lender must disclose the exact APR and total cost. Your offer may differ.
Check my offers- Georgia lenders must be licensed by the state
- Full cost and APR shown before you sign
- All credit types can apply; lenders may check credit
Installment Loans in Georgia, requested online
Georgia residents can request installment loans of $500 to $3,000 online from any of the 629 Georgia cities we cover. Payday lending is illegal in Georgia; small loans of $3,000 or less may be made only by lenders licensed under the Georgia Installment Loan Act. At 36% APR, a $1,000 loan repaid over 12 months costs about $100.46 a month, or $205.55 in interest in total.
What Georgia law says
- Payday lending is illegal in Georgia; small loans of $3,000 or less may be made only by lenders licensed under the Georgia Installment Loan Act.
- Installment loans under this law: up to $3,000.
- Rate limit: A licensed lender may charge simple interest of up to 10% a year on the face amount of the contract, plus a loan fee and a monthly maintenance charge. Because the fees are added on top of the interest, the total cost of a short loan can be well above 10% a year.
- Fees: Loan fee of up to 8% of the first $600 of the face amount plus 4% of the rest (not charged on the part of a new loan that pays off an earlier loan from the same lender within six months); maintenance charge of $3 per month of the loan term; late charge of the greater of $10 or 5 cents per $1 of an installment more than five days late.
- Maximum term: 36 months.
- Lenders must be licensed by the Georgia Department of Banking and Finance and must disclose the APR and total cost before you sign.
Good to know
- Payday lending is illegal in Georgia.
- Any lender making loans of $3,000 or less to a Georgia resident must hold a Georgia installment lender license.
- Licensed lenders may charge up to 10% a year in interest, plus a loan fee and a $3 monthly maintenance charge, so check the full cost before you sign.
- A licensed installment loan can be repaid over as long as 36 months and 15 days.
- The Department of Banking and Finance can be reached at (770) 986-1633 or (888) 986-1633 with questions or complaints about a lender.
- You can also file a complaint about a lender with the CFPB at consumerfinance.gov/complaint.
Why request online
How it works
Small-Loan Rules in Georgia
| Maximum amount | No payday loans |
|---|---|
| Loan term | No payday loans |
| Rate / fee rule | Payday lending prohibited |
| Regulatory basis | O.C.G.A. §16-17-1 et seq. |
Key Rules
- Georgia Payday Lending Act prohibits the classic payday model
Alternative Loan Options in Georgia
- Licensed installment loan
- credit-union PAL
- bank small-dollar loan
- EWA
Regulatory reference: the statutes listed in this table and the state regulator. State rules can change; confirm current terms before borrowing.
Largest Georgia cities
Questions people ask
Can I get a loan in Georgia with bad credit?
Yes, you can apply with any credit history. Lenders look at your income and banking history, not only your credit score, but they may still check your credit and approval is not guaranteed. Compare the APR and total cost before you accept.
Are payday loans legal in Georgia?
Payday lending is illegal in Georgia; small loans of $3,000 or less may be made only by lenders licensed under the Georgia Installment Loan Act. You can request installment loans from licensed lenders instead.
What can I borrow instead of a payday loan in Georgia?
Installment loans of $500 to $3,000, repaid in fixed monthly payments. A licensed lender may charge simple interest of up to 10% a year on the face amount of the contract, plus a loan fee and a monthly maintenance charge. Because the fees are added on top of the interest, the total cost of a short loan can be well above 10% a year.
How much does a $1,000 loan cost in Georgia?
At 36% APR, a $1,000 loan repaid over 12 months costs about $100.46 a month, or $205.55 in interest in total. Your lender must show the APR and total cost before you sign.
Where can I complain about a lender in Georgia?
Contact the Georgia Department of Banking and Finance at (770) 986-1633 or the CFPB at consumerfinance.gov/complaint.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.
Resources
Loans near me in Georgia: find your city
A B C D E F G H I J K L M N O P Q R S T U V W Y Z
A (35)
B (48)
C (65)
D (31)
E (22)
F (24)
G (24)
H (30)
J (14)
L (33)
M (58)
N (16)
O (14)
P (27)
Q (1)
R (36)
S (54)
T (32)
W (39)
Z (1)