Title & Cash Advance Loans in Columbus GA
An OppLoans Guide to Getting The Help You Need
If you’re looking for a city with southern hospitality and plenty to do, look no further than Columbus, Georgia. You can go rafting on the Chattahoochee River, explore the Columbus Riverwalk, or chow down at one of the city’s many delicious eateries.
But Columbus is also like any other working city in America, with a sizeable population that struggles to make ends meet. While the rate of poverty in Columbus is 27 percent, the amount of children living below the poverty line is even higher at 34 percent. If you live in Columbus and you’re finding it difficult to make ends meet, you are not alone; and there are local resources out there that can provide you with financial assistance when you need it most.
However, there are also businesses and lenders out there who will want to take advantage of you. If you decide to take out any form of a loan in Columbus, you’ll want to do all your research first and make the most informed, responsible decision you can. Get the facts first and make the right decision for you.
Borrowing Money in Columbus
If you’re in the market for some quick cash in Columbus, it’s extremely important that you know what to watch out for. There are many storefront and online loan companies out there that take advantage of people in need through their high-cost, dangerous loans. These predatory lenders will likely only sink you deeper into debt. Make sure you learn about payday, title and pawn shop loans before you commit to one in Columbus.
Cash Advance Loans in Columbus
Dangerous, costly, definitely not worth it.
When you need money right away, cash advance loans offer what appears to be a quick solution. But appearances can be deceiving. In fact, these loans often leave the borrower in more financial trouble than they were in when they started. These loans are actually illegal in Columbus, but many disreputable lenders are finding their way around the law.
With a payday loan, the borrower takes out a small amount of cash, usually not larger than $500, for an average period of only two weeks. While they are designed to be paid back quickly, oftentimes on the borrower’s next payday, they also come with high-interest rates than can make them very hard to pay back on time. These rates can be as high as 700%.
If the borrower can’t pay back the original loan, lenders can roll it over. This means that the borrower pays back only the interest due on the loan in return for getting an extended repayment term. However, this also means a fresh set of interest charges on the loan. It is all too easy for a payday loan borrower to keep rolling their loan over, paying lots of money towards the loan without ever getting closer to paying it off. This is why payday loans are usually referred to as “predatory loans.”
In Georgia, the Georgia Industrial Loan Act of 1955 prohibits payday loans, but that doesn’t stop companies from handing them out. Despite being prohibited, payday loans in Georgia are not regulated as well as they should be.
If you live in Columbus and feel you were mistreated by a payday lender, you can call the Georgia Office of the Commissioner of Insurance at 404-656-2070
Title Loans in Columbus
Say goodbye to old reliable.
A title loan means a borrower puts down the title to their car as collateral for a loan. Lenders then evaluate the vehicle in question to determine how much it is worth. That value then determines the amount that they will be willing to lend. Because they are secured by the value of cars, trucks, and motorcycles, title loans usually have much higher principal loan amounts than payday loans. The typical principal for a title loans is around $1,000.
Title loans are dangerous because they carry an average annual percentage rate (APR) of more than 300 percent. This means that a borrower would pay three times the amount that they originally borrowed in fees and interest if their loan was outstanding for a single year. Even taking into account the fact that most title loans are due within 30 days of being issued, that APR still comes out to a monthly rate of 25 percent. If you had a month to pay back a $1,000 title loan plus $250 in interest, could you do it?
If you couldn’t, you would likely be given the option of rolling the loan over. This means paying only the $250 you owe in interest in return for a new month-long term—complete with a new 25 percent interest charge. And if you cannot pay the loan back at all, then the lender has the right to repossesses your car and sell it. It’s a lose-lose situation for the borrower every time..
In the state of Georgia, title loans are regulated by pawn shop laws, which means that lenders can not only repossess your car, they can even charge you a fee between $50-$250 to do so.  If you feel like you have been given a bad loan or were mistreated by a title lender in Columbus, you can call the Georgia Office of the Commissioner of Insurance at 404-656-2070..
Personal Installment Loans in Columbus
A safe and strategic alternative to predatory lenders.
If you’ve had credit trouble in the past, you may have a tough time getting a loan from a traditional bank. Bad credit can force borrowers into payday, title, and pawns shop loans that can leave them worse of off than when they started.
But that doesn’t have to happen. Personal installment loans have longer terms and lower rates than payday and title loans. Plus, you won’t risk losing your personal belongings either. If you need money now, a personal installment loan is a better, safer, more responsible alternative to high-cost predatory lenders.
OppLoans offers personal installment loans up to 5,000 and always strives to deliver 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 OppLoans at 1-(800) 990-9130 today to speak with our friendly Loan Advocates and discuss the most efficient way to get money into your account as soon as the next business day!
- “Poverty Rates in Columbus-GA” City-Data.com. Accessed August 8, 2016. https://www.city-data.com/poverty/poverty-Columbus-Georgia.html.
- “Payday Loans” Georgia Department of Law Consumer Protection Unit. Accessed August 8, 2016. https://www.consumer.ga.gov/consumer-topics/payday-loans.
- “State Law Term Chart – Georgia” Consumerfed.org. Accessed August 8, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf.
- “Pawn Shops and Title Pawn” Consumerfed.org. Accessed August 8, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf.
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.