Title & Cash Advance Loans in Augusta
An OppLoans Guide to Getting The Help (and The Loan) You Need
Often referred to as “The Garden City of the South”, Augusta is located on the northeast border of Georgia and South Carolina. Residents and visitors alike enjoy Augusta’s historic architecture, kayaking the Augusta Canal, and socializing on the Augusta Riverwalk. Augusta is also home to the legendary Masters Golf Tournament, which is held there every year.
Even with its natural beauty, local economy, and history, many residents of Augusta are struggling financially. According to the US Census Bureau’s 2010-2012 estimates, 21% of households in the Augusta-Richmond County area had an annual income below $15,000.
If you find yourself in need of extra money or decide to take out any kind of loan in Augusta, you’ll want to do all your research up front in order to make the most informed, responsible decision you can. Get the facts first and do what’s right for you.
Borrowing Money in Augusta
So you know you need to borrow money to have your family’s needs met this month. What is the best option to take, especially when there are so many options out there all claiming to be the best route? Sometimes we might make a fast decision when we’re in a bind only to realize later that it was the wrong choice–there are ways to ensure you won’t have to face these types of regrets. One of the biggest favors you can do for yourself when it's time to borrow is to get educated. Know your options, know the benefits and most importantly, be familiar with the risks prior to finalizing any decisions that could impact your financial future. When you do the work to become better informed and stay on top of your goals, this financial setback can be a thing of the past.
Cash Advance Loans in Augusta
High risk, predatory, expensive.
Cash advance loans are probably the most dangerous loan you can receive. These are short-term loans that are made under the promise that the loan will be repaid in full in two weeks. How do they work? You need cash in a hurry; maybe you have an unexpected expense that you simply don’t have the funds for or just need a little financial assistance but either don’t have credit or a high credit score. You can walk into a cash advance store, submit a post-dated check, and walk out with cash-in-hand. Sounds easy enough. Until you realize you can’t repay it on time, extend the term, and you’re stuck in a cycle of debt and borrowing.
Interest rates for these loans are famously high, which has led to stricter regulations being passed and even causing them to be made illegal in some states. In Georgia, payday loans are generally considered illegal, unless they are made by an industrial loan lender licensed by the state. Do not allow yourself to fall victim to online payday loan lenders either; there are no online lenders licensed to make payday loans in Georgia. If you feel you are the victim of illegal payday loan lending in Georgia, please contact the District Attorney’s office serving Augusta at 706-821-1135.
Title Loans in Augusta
Hand over the title to your vehicle for a little cash? It's a trap!
You’ve probably heard of title loans–maybe you’ve even taken one out or have friends and relatives who have used these loans. Receiving a title loan is a fairly straightforward process. You hand the title of your car to a lender, they’ll hold on to the title and give you a small amount of cash. When you repay your loan in full plus additional fees and interest, the lender will return your vehicle title. Sounds great so what’s the catch?
Title loans are considered predatory and are illegal in 30 states. But they are alive and well in Georgia. Actually, the state of Georgia allows title loans to be governed by the same laws that they apply to pawn shops. Not sure what that means? In Georgia, it means you will be charged the highest interest rates allowed by the law–an average of 25% monthly interest, which is equal to about 300% annual percentage rate (APR). It means that on a loan for $1000, you will be charged $1,250 after 30 days. Don’t have that kind of money? You could pay the interest and roll the loan over! So that’ll be $250 a month until you can pay the $1,250 in full. Wait, we haven’t gotten to the worst part yet. Many states have laws to ensure the lender lets you know if your vehicle is going to be repossessed. This is not the case in Georgia. If you miss a payment, the lender can legally take your car the very next day without warning, causing you to potentially miss work, your kids to miss school, the rain just keeps on falling. Title loans just are not worth the risk. Period.
Pawn Shops in Augusta
You’ll risk losing your valuables and won’t see much of a return
It seems like pawn shops are located in every strip mall in America. And it seems this way because they are. Pawn lending is a $7 billion a year industry in this country and growing, in part, due to this country’s economic climate in recent years. So how do they work? You’re coming up short for your cell phone bill this month and decide to try a pawn loan. Your first step is to identify an object of value that you own–this could be anything from old jewelry to electronics to sterling silver cutlery.
With your iPad in hand, you make your way to the local pawn shop. The pawnbroker will give you a small loan, about half or less of your item’s resale value after he appraises it. This is so that the shop can consider your loan “paid in full” when you leave the shop. They don’t want to lose out on any money, they’re a business. Now that you don’t have an iPad, it is time to begin making payments on your loan. In the state of Georgia, pawnbrokers can legally charge no more than 25% of the principal loan–this figure must include interest and charges combined. Yes, these loans are pricey. Yes, if you miss payments or fail to hold up your end of the pawn transaction, your iPad will be sold. Think about the risk prior to pawning.
Personal Installment Loans in Augusta
Get a loan that is fast, safe and affordable.
If have less-than-perfect credit in Augusta, there are many dangerous and expensive options. But what about a safe personal loan?
A personal installment loan from OppLoans comes with interest rates up to 125% less than other lenders and repayment terms up to 36 months. Our loans come with a series of easy monthly payments that can easily fit into even the tightest of budgets.
Consider a personal installment loan with OppLoans. We provide fast, flexible, and fair loans to those facing financial hardship in Augusta, while improving credit scores at the same time. OppLoans offers fast, flexible, fair and five-star service:
- Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
- Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
- Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.
Call an OppLoans customer service representative today at 1-(800) 990-9130 to get the money you need in your account by the next business day.
- “Population and Housing Narrative Profile: 2010-2012 American Community Survey 3-Year Estimates for Augusta-Richmond County Consolidated Government” United States Census Bureau. ccessed March 23, 2016. https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_12_3YR_NP01&prodType=narrative_profile
- “Crime Statistics by Month: 2015” Richmond County Sheriff’s Office. Accessed March 23, 2016. https://www.richmondcountysheriffsoffice.com/crime-statistics.cfm
- “National Survey of Substance Abuse Treatment Services” Substance Abuse and Mental Health Services Administration. Accessed March 23, 2016. https://archive.samhsa.gov/data/DASIS/NSSATS2012_Web.pdf
- “Payday Loans” Attorney General of Georgia: Sam Olens. Accessed March 23, 2016. https://law.ga.gov/payday-loans
- “Title Loans in Georgia: Everything You Need to Know” Drive-Safely.Net. Accessed March 23, 2016. https://www.drive-safely.net/title-loans-in-georgia
- “Pawn Shops in the US: Market Research Report” IBISWorld. Accessed March 23, 2016. https://www.ibisworld.com/industry/pawn-shops.html.
- “Pawnshops/Title Pawn” Department of Banking and Finance: Georgia.gov. Accessed March 23, 2016. https://dbf.georgia.gov/pawnshops-title-pawn.
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.