Sometimes there just isn’t enough money left at the end of the week to get all the bills taken care of. Between credit card payments, car loans, and necessities like utilities and food, it adds up quickly. Factor in an unexpected financial burden like car trouble, a medical bill, or an expected job layoff, and sometimes your finances just can’t keep up.
While payday loans in Georgia or South Carolina may seem like a solution to get you through your financial hardship, it's important to be aware that these types of loans can take advantage of those who need help and more often than not, make their financial situations worse.
When you need help getting by, it's important you turn to a lender you can trust to give you the best financial advice for you to succeed versus deceit that results in accumulating more debt.
Looking for Payday Loans in Georgia and South Carolina? We May Be Able to Help
Payday loans are typically short term loans with a high interest rate that can actually be as excessive as 400 percent! They're generally given for $500 or less and are due to be paid in full on your next scheduled payday.
Payday loans in Georgia, South Carolina, and around the country, do not have the best reputation. In fact, some state's laws don't allow payday loans at all. In other situations, payday lenders choose not to operate in certain states because they refuse to conduct business using the lower interest rates authorized by the state’s attorney general.
The states that do permit these often predatory loans can be found at local storefronts or online. These states do require that the cost of the loan, fees, and the maximum loan amount be capped, meaning there is no maximum dollar limit.
And while there is interest in payday loans in Georgia and South Carolina, it's important to learn the risks and look for better, more affordable loan options.
If you are searching for a payday loan in Georgia or South Carolina, please take the time to consider the safer loan alternatives Peach State has to offer.
A trustworthy lender like Peach State is committed to its local community and is designated as a CDFI, which means that Peach State is certified by the U.S. Department of the Treasury as a Community Development Financial Institution as an organization that supports those in underserved communities.
This means Peach State is a trusted community lender dedicated to delivering responsible, affordable lending to help people and those in underserved communities achieve financial success. No matter where you are on your financial journey, Peach State is here to help.
Reveal tips to get out of debt fast while exposing unrealistic expectations by downloading our guide:
Peach State Lending Options
When it comes to getting a loan, Peach State has a variety of lending solutions to help you reach your financial goals.
- Credit Cards – If your credit score is good, you may be eligible to obtain a low rate credit card to pay off other debts. The lower interest rates can save you money and help pay off debt quicker than balances on cards with excessive interest rates.
- Personal Loans – A Peach State Personal Loan offers flexible repayment schedules and competitive interest rates. These rates are typically lower than credit cards but a bit higher than secured options like Home Equity Loans and Home Equity Lines of Credit (HELOCs).
- Home Equity Loan or Home Equity Line of Credit - Homeowners with equity in their houses can consider a Home Equity Loan or Home Equity Line of Credit from Peach State. Using the equity in their home, consumers can obtain a secure a loan that can be used to pay off outstanding debts.
- Share Secured Loan to Build/Repair Credit - A Share Secured Loan from Peach State is great option for those who need to rebuild their credit. This loan allows you to focus on making affordable monthly payments from funds that are secured with deposits in a Savings Account.
Wondering, "Why Can't I Open an Account?"
If you have been denied access to a Checking Account and it's preventing you from doing business with a trusted local lender, you may have negative information in your credit report that's hindering your efforts.
This can be especially true if you've had a Checking Account in the past and made some of these mistakes, which can cause you to be denied the opportunity to open a Checking Account with your trusted local lender.
Mistakes that Can Cause You to be Denied
- Any unpaid or negative balances on a previous account at a financial institution (such as those from an overdraft charge that resulted in an involuntary closure of the account) can hinder you from opening a new account.
- Repeated overdrafts from a previous Checking Account may result in the denial of being able to open an account at a new financial institution.
- Those who were suspected of fraudulent activity relating to a Checking Account may have a new account denied.
- Having your name on a joint bank account with someone who had any of these issues at a financial institution may result in you having problems opening a new account of your own.
How to Get Back On Track
The key to getting back on track is to take control of the situation and start working hard to correct or resolve any mistakes.
- Find Out Why You Were Denied – If your account application was denied, it's imperative to learn the reason why so you can make improvements or correct any errors. Discuss the reason(s) for your denial with your lender and ask what steps you can take to fix the situation.
- Share Secured Loan to Build/Repair Credit - A Share Secured Loan is great option for those who need to repair or establish their credit. This loan is backed by your own funds and secured in a Savings Account. You'll continue to earn interest on the secured funds while strengthening your credit at the same time.
- Fix Your Credit Report – Financial institutions learn about your account history from reporting agencies. Issues like repeated overdrafts and unpaid fees could cause dismissal for a new account and should be fixed right away to clear or improve your record.
- Second Chance Bank Accounts – If you're not able to secure a loan due to the lack of an established relationship, Fresh Start Checking may be a great second chance at starting over. This Checking Account helps you rebuild your finances, improve your record, and gets you back on track for success.
Peach State Is On Your Side
No matter what your financial situation, Peach State is here to help you achieve success. Even if our Personal Loan or Share Secured Loan options are not a perfect fit for your current needs, we offer trusted advice, money management resources, financial education, and budgeting tools to help keep your finances and goals moving in the right direction in our Resource Center.
Members also have access to debt and budget counseling, credit report reviews, rental and homeownership coaching, and BalanceTrack where you can learn the basics of personal finance with online education modules.
For more debt consolidation tips and alternatives to payday loans in Georgia and South Carolina, review our Debt Consolidation: Expectations vs Reality Guide.
