The coronavirus pandemic has caused some of the highest unemployment rates in recent history, and some families are turning to payday loans online.
MACON, Georgia – The coronavirus pandemic has caused some of the highest unemployment rates in recent history. Families are struggling and some are turning to online payday lenders for help. The economy is slowly reopening, but that doesn’t mean families aren’t always in financial trouble. Some might think that help is just a click away, and you can find payday loan companies online, but beware.
“Even though Google and Facebook have stopped these kinds of businesses from advertising on these platforms, they still succeed and people get these loans, and some of them charge 500% interest and what don’t is a disaster, ”Rosenberg said. Financial advisor Sherri Goss.
There are two popular types of loans that offer quick cash. A payday loan is a short term loan of up to $ 500. They are marketed as a short term cash advance until your next paycheck.
In Georgia, the law says you will pay 10 percent. It’s not cheap, but you could pay a lot more if you go online. There are other loans over $ 3,000. By law in Georgia, you cannot pay more than 33.9% interest. Other states may charge you a lot more.
Goss has this advice: “If they have bad credit and can’t go to a bank or a credit union, they should contact finance companies here in the state of Georgia.
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