People often turn to payday loans when they need cash or don’t have good credit. Payday loans make it easy to get cash fast without a credit check. But there are major drawbacks to these lending practices. For starters, high APRs and unfavorable terms can make payday loans predatory. For this reason, they are illegal throughout the state of Georgia.
Even though payday loans are illegal, there are other dangerous lending alternatives that cause considerable harm to your finances. One example is installment loans that charge triple-digit APRs. The good news is you don’t need to settle for these types of loans. There are safer and more affordable alternatives to predatory loans and payday loans in Atlanta.
How To Get a Cash Advance in Atlanta, GA
Some installment loans come with unfavorable terms and conditions that can leave your finances worse off. Chances are if a lender isn’t enforcing a credit score requirement, you’re bound to receive a high APR. There are more affordable options out there that don’t require a credit check – such as cash advances. Here’s our take on the best cash advances in Atlanta, GA.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
MoneyLion offers a cash advance feature called Instacash that’s a 0% APR alternative to dangerous loans. Instacash works differently. By offering a cash advance at 0%, Instacash makes it easier to stay on top of the money you’ve borrowed.
You can get much-needed cash from Instacash and pay it back when your next paycheck comes in. Your money will deposit into your RoarMoney account or another bank account within a couple of days for free. If you want your funds sooner, you can opt in to a small fee for instant deposits.
How to Qualify:
- At least 18 years old
- Proof of steady income or regular deposits
- A checking account that’s been open for 60 days or more
- Active bank account with positive balance
Payday loans in Atlanta
Max Loan Amount: $5,000
APR: As high as 225%
Credit Affects: Will harm your credit score if you miss payments
Installment loans are required to be paid back over various time intervals. Installment loans are different from payday loans in that they are legal and heavily regulated in the state of Georgia. But that doesn’t mean they’re necessarily a good choice for fast cash. Some installment loans come with high-interest rates and fees that could trap borrowers in a cycle of debt. And because some loans can be quite pricey and hard to pay off, these loans can have detrimental effects on your credit score.
We recommend considering other ways to borrow cash – such as friends, family, local charities, nonprofits, side hustles, or other options. If you have an available credit line you might be able to withdraw a certain amount of cash as well. If you do decide to borrow money from a lender, be sure to read all the terms and conditions so you know what to expect. You can read more about installment loans and payday loans in Atlanta here.
How to Qualify:
- At least 18 years old
- Be an American citizen or permanent resident
- Proof of steady income or regular deposits
- Name, date of birth, Social Security number, and a valid ID
- Active bank account
Instant Loan Options in Atlanta
Along with cash advances, instant loans are safe, affordable, and fast lending options. Take a look at our top choice for instant loans in Atlanta.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: Most Credit Builder Loan members boost their credit score by 60 points in just 60 days!
Credit Builder Loan is an instant loan from MoneyLion that allows you to borrow money and build up your credit score as you pay it off. Loans that charge excessive interest rates and fees make it difficult to stay on top of payments, which can ultimately end up hurting your credit score if you can’t meet your obligations. But MoneyLion’s Credit Builder Loan works differently.
For starters, there’s no hard credit check to qualify. We will scan your bank account for regular deposits to help us determine what loan amount you qualify for. Once you’ve been approved, you’ll have access to a loan with a competitive APR and additional financial resources to help you stay on top of your payments. In fact, most Credit Builder Loan borrowers see their credit scores raised within as little as two months!
How to Qualify:
- 18 years or older
- American citizen or permanent resident
- You’ll have to provide your name, date of birth, Social Security number, and a valid ID
- Have an active bank account, debit card, or prepaid card to make payments
- NO credit requirements!
What’s Included?
- A loan for up to $1,000 to be paid over 12 months
- Credit score monitoring tools
- A Credit Reserve Account that acts as a built-in savings account by earning interest
- Your credit score could go up by 60 points in 60 days!
- Instacash benefits
Comparing Your Cash Advance Loan Options in Atlanta
Looking to compare your options for cash advances in Atlanta? We’ve done the research on different options available. Take a look to start comparing!
| Instacash | Credit Builder Loan | Payday Lender | |
| How Much Can You Borrow? | $250 | $1,000 | $3,000 |
| Fees & Interest | Free 0% APR | Competitive APR, $19.99/month fee | Up to 225% APR plus additional fees |
| Impacts Your Credit? | No | Yes, it builds your credit score. | Will harm your credit score if you miss payments |
| Availability | Online & Mobile | Online & Mobile | Can be online or in-person |
| Wait Time | Instantly* | Instantly | Typically within the next business day |
| Next Steps | Sign Up | Sign Up |
Find better alternatives to payday loans in Atlanta
Some lenders charge excessive fees that can leave you worse off financially and hurt your credit score. Try to avoid predatory lenders altogether and turn to safer alternatives like MoneyLion when you need to borrow cash.
MoneyLion offers low-cost and fast lending options, as well as a ton of other financial products and resources. Take RoarMoney for instance – MoneyLion’s very own online bank account that lets you get paid up to 2 days early and offers special rewards. You can access a debit card with cashback features and personalized weekly spending reports to monitor your finances.
MoneyLion is designed to get you in control of your finances! Learn more here.