Personal Loans in Georgia

Personal loans are a versatile option for those needing to borrow as little as $1,000 or as much as $200,000. You can use the funds for a broad range of purposes, including home repairs, debt consolidation, and travel. Repaying the loan involves making monthly payments based on your term, interest rate, and loan amount.

If you're looking for a personal loan in the Peach State, keep your eye out for low interest rates, fast funding, and excellent customer service. Our top picks for the best personal loans in Georgia include LightStream, SoFi, and Upgrade.

Best personal loans in Georgia

Methodology

Credible evaluated 32 lenders across 1,216 data points to find the best personal loans in Georgie. We ranked lenders based on the following weighted categories:

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%
   

Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Each data point is verified by a senior editor to make sure it's accurate at the time of publication. Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

How to compare personal loans

Comparing personal loans in Georgia is key to finding the right option for you. When shopping around for a loan, compare the following:

• Interest rates: Think of a loan's interest rate as the cost of borrowing (excluding fees). The higher the interest rate, the more expensive the loan. Focus your search on lenders that offer lower interest rates. 
• Fees: Fees increase the cost of borrowing. Common fees for personal loans include origination fees and late fees, though not all lenders charge them. Note that lenders in Georgia may be prohibited from charging origination fees.
• Funding time: If you need funds in a hurry, choose a lender that funds loans quickly. For example, Avant and LightStream may be able to fund your loan as soon as the same or the next business day you apply.
• Eligibility requirements: Check your credit score and lenders' eligibility requirements to get an idea of which loans you might qualify for. Some lenders require excellent or good credit, while others offer loans to people with fair credit or bad credit. A few lenders, like Upstart, offer loans for people with no credit history.
• Loan amounts: Depending on how much you need to borrow, some lenders may not be suitable. Many lenders cap loans around $50,000, but some, including SoFi, loan up to $100,000 or more.
• Lender reputation: Jason Anderson, certified financial planner and director of the Personal Finance Program at the University of Kansas School of Business, says that beyond rates, fees, and other hard facts about lenders, don't overlook the reputation and stability of different lenders. "This is becoming increasingly important as fintech-bank partnerships become increasingly common in the online marketplace," says Anderson.

• Ability to add a cosigner: If your financial situation makes it difficult to qualify for an affordable interest rate (or if you're struggling to qualify at all), you may want to use a cosigner or co-applicant. This can increase your chances of approval and help you qualify for a better rate, but not all lenders allow it. Also, the lender may hold the cosigner or co-applicant responsible if you default on the loan.
• Customer satisfaction: Consult previous customers' experiences to verify a lender's reputation. Check out sites like the Better Business Bureau or Trustpilot to find ratings and reviews.

What are personal loans and how do they work?

What they are

A personal loan is a type of installment loan you can use to pay for a variety of expenses, including emergencies, vacations, weddings, debt consolidation, and more.

Personal loans can be either secured or unsecured. Secured loans require collateral, while unsecured personal loans don't. Unsecured loans may have higher interest rates or stricter eligibility requirements.

Where to find them and how to qualify

You can get a personal loan at many banks, credit unions, or other financial institutions, but you have to meet the lender's eligibility requirements to qualify. This typically involves meeting specific credit, income, and debt-to-income ratio (DTI) benchmarks.

Funding and repayment

If you're approved for a loan, the lender funds it in a lump sum. After receiving the funds, you'll repay the loan balance, plus interest, over the course of your loan's term - often two to seven years. The size of your monthly payment depends on your loan amount, interest rate, and repayment term. Most personal loans have a fixed interest rate, meaning your payment won't change month to month.

Fees

Additionally, personal loans may come with fees, such as origination fees, application fees, or late payment fees, which can add to the cost of borrowing.

Pros and cons of personal loans

Personal loans have both advantages and disadvantages to consider. If you're considering getting a personal loan in Georgia, weigh the following considerations:

Pros

• Fixed monthly payments: Unlike credit cards and some other forms of debt, personal loans generally have fixed interest rates and monthly payments. Knowing the total cost of borrowing — as well as your monthly payment — can make it easier to budget and plan.
• Fast funding: Many personal loan lenders can fund loans within a day or two of approval. Plus, you receive your entire loan amount upfront, allowing you to spend the funds as needed.
• Potentially lower interest rates: Generally, personal loans offer lower interest rates compared to credit cards. However, the lowest rates are reserved for those with excellent credit, and personal loan rates vary based on borrower profile and loan term.
• No collateral for unsecured loans: If you take out an unsecured loan, you don't need to worry about putting up collateral. This means if you default on your loan, the lender won't be able to seize your assets.
• Variety of uses: Depending on the lender and the type of loan, you can use the funds to consolidate debt, pay for emergency expenses, settle medical bills, or make home repairs.

Cons

• Increased debt burden: Taking out a personal loan is a financial commitment, as you'll have a fixed monthly payment for the duration of your loan's term. If you miss a payment, your credit score could drop.
• Potential fees: Some personal loans come with fees, such as origination or late payment fees. These can add to the overall cost of borrowing.
• Higher rates for less qualified borrowers: Without a strong financial position, including good or excellent credit, you may not qualify for the best interest rates on a personal loan.

Current personal loan interest rates

Current personal loan interest rates vary by lender, but are generally lower the higher your credit score. With excellent credit, you may be able to qualify for a personal loan rate below 10%.

The rate you qualify for also depends on your financial situation and the loan term you choose. Here are average personal loan rates based on Credible marketplace data. 

How to get a personal loan in Georgia

Getting a personal loan in Georgia is straightforward when you take the following steps:

1. Check your credit: Find a copy of your credit report at AnnualCreditReport.com and review it for potential errors. Also, find out if your bank or credit card issuer offers credit monitoring tools that let you keep an eye on your credit score. Knowing your credit score can help you figure out which lenders may approve you.
2. Determine how much you need to borrow: Based on your financial needs, figure out how much you need to borrow. This can help you choose an appropriate lender and avoid overborrowing.
3. Compare lenders: Compare various lenders based on interest rates, fees, funding times, customer reviews, loan amounts, and any other priorities you have. Narrow your list to the top lenders based on your criteria.
4. Prequalify: When available, prequalify with different lenders. Prequalification doesn't involve a hard credit check and can give you a better idea of the rate you'll qualify for, but it's not a loan offer or guarantee of rates and terms.
5. Complete your application: If you want to move forward with a loan, complete and submit your application, including the required documentation. When you apply for a personal loan, the lender typically does a hard credit pull, which could cause your credit score to drop temporarily.
6. Await funding: If the lender approves your application, you should receive your full loan via direct deposit (or in the case of some debt consolidation loans, direct payment to your creditors). This timeline can vary by lender but may happen within a few days of approval.

Alternatives to personal loans

Sometimes, a personal loan isn't the best way to borrow money. Consider whether you can find an easier or less costly alternative below.

• Buy now, pay later: Buy now, pay later (BNPL) loans allow you to split a purchase into multiple payments, sometimes without interest. Unlike a personal loan, you can take out a BNPL loan during checkout online or in-store. But these are often short-term loans and may have fees for missed or late payments.
• Peer-to-peer lending: Peer-to-peer (P2P) lending connects borrowers with investors. While these platforms may be more accessible to lower-credit borrowers, some may have less government oversight than traditional lenders and come with additional risk.
• Cash advance app: Cash advance apps, like Dave and Brigit, let you borrow a small amount, often less than $1,000, against your future paycheck. While they may not charge interest, they might charge other fees or solicit tips. The Center for Responsible Lending found that cash advance app APRs average in the triple-digits, rivaling payday loan APRs.
• Home equity loan: A home equity loan lets you take out a loan against your home equity, securing your loan with your house. While home equity products and other secured loans may have lower interest rates compared to unsecured personal loans, you risk losing your home if you default.
• Home equity line of credit: Also known as a HELOC, a home equity line of credit lets you borrow against your home using a revolving line of credit. Like a home equity loan, HELOCs are secured by your house.