Best Debt Consolidation Loans in Georgia (January 2025)

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Updated: January 15, 2025

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Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe — like credit card or student loan debt — at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 27 lenders and found Truist to be the top choice for debt consolidation loans in Georgia, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Georgia's Own Credit Union and Credit Union of Georgia to see if they fit your borrowing needs.

Key Takeaways

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In Georgia, Truist is highlighted as the best debt consolidation lender, achieving a high MoneyGeek score of 96 out of 100. This lender stands out based on MoneyGeek's analysis, although specific details about their APR range and loan minimums aren't provided. Nevertheless, Truist's high score indicates its strong performance in crucial aspects of debt consolidation lending.

Key features to consider when opting for debt consolidation in Georgia with Truist include the potential for managing your payments more efficiently by combining multiple debts into a single loan. Truist's high score suggests that they offer competitive rates or favorable terms that could help streamline your debt repayment process.

For those interested in exploring further, local lenders such as Georgia's Own Credit Union and Credit Union of Georgia might also provide good options tailored to your needs. It's essential to evaluate the new loan's interest rate against your current debts to ensure it offers a genuine financial benefit.

Additionally, consider factors like your monthly payment amount, debt payoff timeline, income stability, and debt-to-income (DTI) ratio before committing to a debt consolidation loan. Understanding these elements can guide you towards making informed decisions that align with your overall financial goals.

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In Georgia, another top lender for debt consolidation loans besides Truist is LightStream. According to MoneyGeek's analysis, LightStream scores a solid 92 out of 100, making it a strong contender for those looking for competitive interest rates and favorable loan terms.

APR Range: LightStream offers an APR range from 5.99% to 19.99% for debt consolidation loans. This competitive APR range can be particularly beneficial for those seeking to lower their overall interest payments by consolidating their higher-interest debts into a single loan.

Noteworthy Features:
- Competitive Interest Rates: LightStream is known for offering low rates to borrowers with good credit, which can lead to significant savings over the life of the loan compared to maintaining high-interest debts.
- No Fees: LightStream charges no fees, which means no origination, prepayment, or late fees, allowing borrowers to save even more.
- Flexible Terms: The lender offers flexible repayment terms, ranging from 24 to 144 months, giving borrowers the ability to choose a timeline that best suits their financial situation.

While Truist remains the top recommendation in Georgia, LightStream presents a compelling alternative for debt consolidation, especially for borrowers with strong credit profiles seeking advantageous terms and low-interest rates. Always ensure that the chosen lender's terms align with your financial needs and situation before proceeding with a debt consolidation loan.

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In Georgia, the best affordable debt consolidation lender according to MoneyGeek's analysis is Truist, scoring an impressive 96 out of 100. Truist stands out for offering competitive rates and features that could benefit those looking to streamline debts like credit card or student loans. While specific APR ranges or additional features like fee waivers are not detailed, Truist's high MoneyGeek score suggests favorable lending conditions.

Besides Truist, it's also worthwhile to explore local lending options. Georgia's Own Credit Union and Credit Union of Georgia are notable local lenders you can consider contacting to see if their terms align with your borrowing needs.

If you're looking to consolidate debt in Georgia, it's important to consider several factors beyond the lender's reputation:

- Current Interest Rate vs. New Loan Rate: Ensure that the interest rate offered on the consolidation loan is lower than your existing debts.
- Monthly Payments: Be wary of higher monthly payments, which can add financial strain.
- Income Stability: Ensure that your income is stable enough to cover fixed monthly payments without risking missed payments or associated fees.
- Debt-to-Income Ratio (DTI): A high DTI can impact your ability to secure favorable loan terms; improving it might increase your loan approval chances.

In major cities like Atlanta and Columbus, average APRs are around 9.9% and 12.1%, respectively. It's beneficial to shop around, including both Truist and local credit unions, to find the best rates and terms for your situation.

Overall Best Debt Consolidation Loan Lender in Georgia

Company logo for Truist
Truist
MoneyGeek Score:
96/ of 100
APR Range8.87% to 17.82%
Loan Amount RangeFrom $3,500
Repayment Terms24 to 60 months
Time to Receive FundsSame Day
Overview

Truist offers the best debt consolidation loan in Georgia with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

Truist's APR range of 8.87% to 17.82% can benefit borrowers by offering competitive interest rates. Its loan amount range starting from $3,500 provides flexibility for different financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt.

Runner-Up for Best Debt Consolidation Loan in Georgia

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is another solid option for a debt consolidation loan in Georgia, with a MoneyGeek score of 96 out of 100. It offers competitive interest rates, which can help a borrower save money on interest payments by securing a lower rate.

PenFed also provides flexible loan terms, allowing a borrower to choose a repayment term that fits their budget. Additionally, its quick fund disbursement means a borrower can quickly pay off high-interest debts with fast access to funds.

Best Debt Consolidation Loan in Georgia for Affordability

Company logo for Fifth Third Bank
Fifth Third Bank
MoneyGeek Score:
95/ of 100
APR Range8.74% to 21.74%
Loan Amount Range$2,000 to $50,000
Repayment Terms12 to 60 months
Time to Receive FundsNext Day
Overview

Fifth Third Bank offers the best debt consolidation loan in Georgia for borrowers who prioritize affordability, with a MoneyGeek score of 95 out of 100. Its APR ranges from 8.74% to 21.74%, and it provides loan amounts from $2,000 to $50,000 with repayment terms between 12 to 60 months.

Fifth Third Bank's no origination fees mean you won't have to pay extra just to get your loan, making it easier to manage your finances. Additionally, the availability of rate discounts can lower your overall interest costs, further enhancing affordability.

Best Debt Consolidation Loan in Georgia for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
97/ of 100
APR Range12.59% to 30.00%
Loan Amount Range$1,000 to $20,000
Repayment Terms6 to 60 month
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Georgia for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000 and repayment terms from 6 to 60 months.

One benefit is its flexible repayment terms, allowing borrowers to choose a plan that fits their budget. Additionally, PNC's quick fund disbursement means borrowers can receive their funds within three business days, helping them consolidate debts promptly.

Best Debt Consolidation Loan in Georgia for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Georgia for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds the same day, making it an excellent choice for urgent financial needs.

One feature of Rocket Loans is its quick approval process, which can help you consolidate debts faster. Another feature is its flexible loan terms, allowing you to choose a repayment plan that fits your financial situation.

Should You Get a Loan to Consolidate Debt in Georgia?

Using a debt consolidation loan in Georgia can simplify your finances by merging multiple payments into one. Yet, it might not be the best move if the interest rate on the new loan is higher than your current debts. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in Georgia, affecting interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Georgia can lower the interest rates you're paying, saving you money.

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Georgia simplifies financial management.

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    Lower Monthly Payments

    A debt consolidation loan in Georgia can lower your monthly payments, making it easier to manage your budget.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Georgia is a better strategy.

How to Get a Debt Consolidation Loan in Georgia

The average amount of personal loan debt in Georgia is $94,927, while the overall average debt for Americans is $104,215. In Georgia, the average monthly debt translates to around $7,911.

Using a personal loan to consolidate debt in Georgia can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1

    Review your debts and credit score.

    Account for your existing debts to see which ones to consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2

    Compare loan terms from lenders.

    Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits and how soon you can receive the funds.

  3. 3

    Check for extra benefits.

    Some lenders offer added features that benefit you long-term. In Georgia, PNC and Rocket Loans offer rate discounts, which can save you money over the life of the loan.

  4. 4

    Watch out for fees and penalties.

    Some lender features could be drawbacks. In Georgia, Lending Club charges an origination fee and Fifth Third Bank charges a late fee. These fees can impact your short- and long-term finances.

  5. 5

    Get prequalified.

    Prequalification helps you gauge your eligibility for loans without affecting your credit score. It uses a soft credit check and provides an estimate of loan terms.

  6. 6

    Complete your loan application.

    Complete your loan application by preparing necessary documents like income proof and identification. This will make the process faster and smoother.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN GEORGIA

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Georgia, check your credit report for errors and work on reducing your existing debt to improve your chances of approval.

You can also consider reaching out to credit counseling agencies like 123 Credit Counselors, Inc., or DebtHelper.com to help manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer existing debt to a new card with no interest for a promotional period, helping you save on interest payments.

Local Lenders for Debt Consolidation Loans in Georgia

Consolidating debt can be beneficial because it often allows you to secure a lower interest rate, making it easier to manage your payments. The average APRs you can qualify for vary between cities. For example, in Atlanta, the average APR is 9.9%, while in Columbus, it is 12.1%.

Another option to find the best debt consolidation loan in Georgia is to consider other local lenders. Explore the table below for more information on local lenders and their average APRs.

Kinetic Credit UnionColumbus12.14% to 18%Up to 60 months$500 to $15,000100
MidSouth Community Federal Credit UnionMaconFrom 9.90%0 to 60 months Undisclosed99
Credit Union of GeorgiaMaconFrom 11.24%6 to 60 monthsUndisclosed97
Georgia United Credit UnionAtlantaFrom 10.50%Undisclosed$500 to $100,00096
Delta Community Credit UnionAtlanta8.75% to 17.75%12 to 60 monthsUndisclosed94

FAQ: Debt Consolidation Loans in Georgia

We addressed common questions borrowers have about debt consolidation loans in Georgia to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Georgia?

What's the best debt consolidation loan lender in Georgia?

Can I get a debt consolidation loan in Georgia if I have bad credit?

Can a credit counseling agency in Georgia help manage debt?

When should I get a debt consolidation loan in Georgia?

MoneyGeek analyzed 27 national lenders licensed to do business in Georgia, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in December 2024.

27Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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