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Pawn Shops vs Payday Loans in Covington, GA
5 pawn shops in and around Covington — 4.9 per 100,000 residents, compared with 5.0 across Georgia. Call ahead to ask what they're buying and lending on today: inventory needs change weekly. Covington ranks #24 of 46 Georgia cities with pawn shops by shops per resident.
- Pawn shops
- 5
- Pawn shops per 100k
- 4.9
- Georgia: 5.0
- Big-chain shops
- 1
- Payday & loan stores
- 7
- Population
- 101,331
Pawn shops in Covington: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| Complete CashChain | 7211 Highway 278 Covington, GA 30014 | (678) 625-2723 | completecash.net |
| Elm Street Pawn Brokers | 2158 Elm St NE Covington, GA 30014 | (770) 786-1208 | elmstreetcheckcashing.com |
| First American Title Lending | 3146 Highway 278 NW Covington, GA 30014 | (770) 788-9495 | — |
| John's Pawn Shop | 7159 Us-278 Covington, GA 30014 | (678) 625-4418 | johnspawnshop.com |
| Pawn Pro Inc. | 8175 Washington St Covington, GA 30014 | (678) 712-9430 | pawnproinc.com |
Pawn shops vs payday loan stores in Covington
Covington has 7 payday, installment and title loan stores but only 5 pawn shops.
Pawn shops
5
4.9 per 100k residents
Payday & loan stores
7
6.9 per 100k residents
6 store chains
Biggest loan store chains in Covington: TitleMax (2), 1st Franklin Financial (1), Check Into Cash (1), Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (not legal in Georgia) | $75.00 fee every 2 weeks, renewed once | $150.00 |
| Pawn loan (example: 20% a month) | You leave an item worth more than the loan; repay to get it back | $100.00 |
| Credit union PAL (28% APR + $20 fee) | Repaid in installments; membership required | $31.67 |
- Payday cost, share of monthly household income in Covington
- 2.5%
- Pawn cost, share of monthly household income in Covington
- 1.6%
- A $400 emergency equals
- 2.0 days of income
Payday: a typical fee of $75 on a $500 loan for 2 weeks, paid twice for a one-month loan (Georgia payday rules are not set in dollars or payday loans are not allowed). Pawn: an example rate of 20% a month; pawn fees and interest are set by Georgia law and vary by shop — ask for the total in writing. PAL: payday alternative loan from a federal credit union, capped at 28% APR plus an application fee of up to $20.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in GA | |
|---|---|---|
| What you need | An item of value (jewelry, gold, electronics, tools, firearms) and an ID | A bank account, proof of income and an ID |
| Credit check | None | Usually none |
| How much you get | A fraction of the item's resale value | Based on your income, up to the state limit |
| If you can't repay | The shop keeps the item; no collections and no credit damage | Fees pile up with renewals; the debt can go to collections |
| Bank account access | None | Lender can debit your account or cash your check |
| Rules in Georgia | Pawnbrokers are licensed and regulated by Georgia; fees, terms and holding periods are set by state law | Storefront payday loans are not allowed in Georgia |
Covington at a glance
- Median household income
- $72,998
- Georgia: $79,251
- Poverty rate
- 13.7%
- Georgia: 13.6%
- Households under $25,000
- 15.2%
- Georgia: 15.7%
- A $400 emergency equals
- 2.0 days of income
Payday and installment loan stores in Covington
For comparison: storefront payday, installment and title lenders in Covington with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 3194 US-278 Covington, GA 30014 | (770) 787-2063 | — | 4.9 |
| 9119 US-278 c Covington, GA 30014 | (678) 212-9009 | — | 5.0 |
| 6163 US-278 Covington, GA 30014 | (770) 787-3325 | — | 4.8 |
| 4179 U.S.278 NW B Covington, GA 30014 | (770) 787-6060 | — | 4.8 |
| 3127 U.S.278 NW Covington, GA 30014 | (770) 788-7800 | — | 3.9 |
| 11170 GA-142 Covington, GA 30014 | (770) 786-3473 | — | 4.0 |
| 6155 Hwy 278 NW, Apt 13 Covington, GA 30014 | (678) 342-2884 | — | 4.9 |
Pawn shops near Covington
More about Covington
Pawn shop listings: © Overture Maps Foundation (CDLA-Permissive 2.0), including Foursquare OS Places and © OpenStreetMap contributors; filtered and de-duplicated by us. Population, income and poverty: U.S. Census Bureau, American Community Survey. Call ahead to confirm hours and what a shop buys or lends on.