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Georgia, known for its stunning natural views, is home to nearly 11 million people. However, sudden expenses can cause financial troubles for hardworking Georgian residents.

They can turn to installment loans for the necessary funds.

Learn about the requirements and regulations regarding installment loans in Georgia here.

What Is an Installment Loan

Installment loans are personal loans that can be used for medical bills or other emergency payments. Like payday loans, borrowers are given a set loan term for repayments.

An installment loan may either be secured or unsecured.

• Secured Loans: Secured loans require collateral. Note that your collateral may be repossessed if you cannot repay the loan.
• Unsecured Loans: Unsecured loans do not need collateral but typically have higher interest rates.

Installment loans have additional fees like origination fees, administrative fees, and late fees.

Required Documents for an Installment Loan

Before you start the loan process, lenders will typically request the following requirements:

• Proof of income (Pay stubs, bank statements)
• Valid government ID with basic personal information
• Proof of residence in Georgia
• Social Security number
• Active bank account details

These requirements will help lenders to verify that borrowers can afford the loan payments.

NOTE: You will also need to be at least 18 years old.

Georgia Installment Loans Explained

These details summarize key points for installment loans in Georgia:

• Minimum Loan Amount: Depends on the lender, but is usually $500 to $600
• Maximum Loan Amount: $3,000
• Minimum Term: 4 months
• Maximum Term: 36 months and 15 days
• APR: Can range from 200% to 800%
• Finance Charge Limits: 10% of the loan amount up to $600, and then 8% + APR on the remaining balances
• Late Fees: Georgia follows strict regulations on late fees depending on when you repay the loan:
  • Seven days past the due date: An additional 10$
  • Each day after seven days: An additional $5
• Rollovers: None

Georgia Laws Concerning Installment Loans

The Georgia Installment Loan Act limits what lenders or borrowers can give or receive in installment loans.

These are some important details:

• The interest rate a lender charges cannot exceed 10% of the total amount per annum.
• Interest may be discounted in advance if the loan is repayable in 18 months or less.
• The interest is added to the principal amount if the loan is repayable beyond 18 months.
• Loan fees, such as late fees, maintenance fees, or insurance premiums, are permitted for lenders.

Every Georgia lender must provide proof of the loan contract, increasing transparency.

Rule 80-14-5-.01(a) of the Georgia Administrative Code states: "Every consumer loan transaction shall be pursuant to a written loan contract which may include a loan voucher, itemized statement of loan and charges, and disclosure statement."

Bad Credit Installment Loans in Georgia

Georgia permits personal loans for bad credit borrowers. However, since payday loans are prohibited, those with bad credit scores may have difficulty getting larger amounts of money in loans.

If this applies to you, consult a lender or finance expert to review what cash amounts you can handle.

How to Get an Installment Loan With Third-Party Lenders

Georgians who need installment loans can fill out an inquiry form on our website. After pre-approval, you will be contacted by one of our third-party lenders.

Their extensive knowledge of loans and state regulations will ensure you get your funds.

Conclusion

Georgians who need installment loans can start the process by filling out our inquiry form. We'll help you skip the hassle of looking for lenders.

FAQs

This section answers common installment loan questions.