Looking for a cash advance or payday loans in Columbus, GA? While payday loans can get you quick cash, you may not realize how dangerous these loans can be. Excessive fees and high-interest rates make payday loans one of the most expensive ways to get cash.
Since payday loans are predatory in nature, they are illegal in Columbus, Georgia. You may turn to title loans for quick cash, but these are just as risky if you aren’t careful. Below we’ll take a look at better alternatives to payday advances in Columbus.
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How To Get a Safe Cash Advance in Columbus
Using a payday loan for a cash advance leaves a pretty big dent in your wallet. If you need to get your hands on extra money until you get paid again, there are safer and cheaper ways to do it. Read on for the best cash advance alternatives in Columbus, Georgia.
Max Advance Amount: $250
Credit Affects: None
Instacash is a quick way to get an advance on money you’ve already earned. If you qualify, you pay no fees or interest on your cash advance. Once you’ve linked your bank account to the MoneyLion app, it’s easy to apply, and you’ll have an answer back in minutes.
There is no credit check required, and your funds will be deposited directly to your bank account within minutes of approval.
How to Qualify:
- At least 18 years old
- Need a bank account that has been open for at least 60 days and is actively used
- Ability to prove a steady stream of income is deposited into your bank account
- Your bank account balance must be positive
Title Loans in Columbus, GA
Title loans are extremely risky since they are tied to your personal property. Take a look at how title loans work and the risks involved when taking them.
Max Installment Loan Amount: No maximum on title loans
Annual Interest Rate: 187.5% (Based on one year, lenders can charge 300% for the first 3 months of the loan and 150% APR for the last 9 months)
Credit Affects: Since title loans are secured by your vehicle, there is no impact to your credit score when you take out your loan or fall behind in payments. But if the lender repossesses your car, there’s a good chance it will get reported to the credit bureaus. They can even charge fees during repossession such as towing and storage.
A title loan lets you borrow money against the value of your car. To get a title loan, your car must be completely paid off. If you qualify for a loan, you must give your car’s title to the lender. Once you repay the title loan, you get the car’s title back.
Title loans are risky. They can charge a 25% interest monthly rate for the first 3 months of your loan and 12.5% for every month afterwards. This interest adds up quickly. Title loans can impact your credit if you fall behind. If you default on your loan, the lender can take your car.
How to Qualify:
- You must be at least 18 years old
- Have a government-issued form of identification
- Show proof of income and homeownership (if applicable)
- You must show proof that the vehicle is paid off and you own it
Instant Online Loan Options in Columbus
An instant online loan is a good option if you need more money than what the Instacash advance can give. Plus, instant online loans help you build up credit and establish a savings plan.
Credit Builder Loan
Loan Amount: Up to $1,000
Credit Affects: As long as you make your payments on time, Credit Builder Loans can raise your credit score.
Credit Builder Loans help you establish credit or raise your credit score. There is no credit check, and the interest rate offered is low compared to what you’ll find with payday or title loans.
To get a Credit Builder Loan, apply through the Moneylion app. The funds are deposited into your bank account if you are approved. To stay current on your payments, a portion of the loan is set aside as your savings. This helps you save money and pay down the debt you owe, and you even earn interest.
How to Qualify:
- You must be at least 18 years old and a US citizen or permanent resident
- Provide your social security numbers
- You must have a bank account, a prepaid card, or debit card to repay what you owe
- No need to worry if you don’t have any credit or if your score is low, no hard credit checks are necessary
- A loan up to $1,000 paid over 12 months
- Weekly credit monitoring and updates
- Your Credit Reserve Account acts as a built-in savings account that earns interest
- Improved credit up to 60 points in 60 days!
- Additional Instacash benefits
Comparing Your Cash Advance Loan Options in Columbus
There are cash advance options available in Columbus, Georgia that are quick and affordable. Below we’ve compared features of products that are available to you today.
|Instacash||Credit Builder Loan||In-Person Title Loan|
|How Much Can You Borrow?||$250||$1,000||No legal limit, but common practice is 60% of the value of the car|
|Fees & Interest||Free|
|Competitive APR, $19.99/month fee||Maximum of 25% interest for the first 3 months 3 and 12.5% interest after that. |
Fees are limited to $10 per month.
A lender is permitted to charge higher fees in certain circumstances
|Impacts Your Credit?||No||Yes, it builds your credit score.||Impact your credit score if your vehicle is repossessed|
|Availability||Online & Mobile||Online & Mobile||Online & in-person|
|Wait Time||Instantly*||Instantly||1 – 3 days|
|Next Steps||Sign Up||Sign Up|
Affordable Cash Advance Options in Columbus
Predatory lenders can take advantage of your financial hardship when you need money. If you are living paycheck to paycheck, you can bet hit with triple-digit APRs and some of the highest fees around.
MoneyLion offers convenient banking, investment, and credit-building solutions that help you gain control over your finances. With Instacash and Credit Builder Loans, you have a budget-friendly option for a cash advance or an instant loan.