Best Personal Loans in Georgia for 2024

Name: Best Personal Loans in Georgia for 2024
Item: Best Personal Loans in Georgia for 2024
Author: Zachary Romeo, CBCA

With a MoneyGeek score of 98, First Tech provides the best personal loans in Georgia, featuring competitive interest rates, a range of flexible terms and a reputation for transparency.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Jlyne Ubina

Updated: November 21, 2024

Advertising & Editorial Disclosure

First Tech and PenFed top MoneyGeek's list of personal loan lenders in Georgia, scoring 98 and 96, respectively. Known for standout customer support and competitive interest rates, First Tech excels in customer service and education, while PenFed shines with its balance of affordable costs and flexible terms.

Before applying for a loan, it's essential to know your creditworthiness — like your credit score and income history. Georgia's average credit score is 695, according to Experian data from 2023. This suggests that the average borrower may experience favorable loan conditions, as this score is generally considered good.

MoneyGeek evaluated lenders based on factors like reputation, transparency, cost and flexibility. This thorough analysis helps ensure you're well-informed when choosing a loan that fits your financial needs.

Best PersonalLoan LendersGeorgia

2024

Best Personal Loan Lenders in Georgia

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Truist

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers, such as customer service and annual percentage rate (APR) ranges. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Georgia. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Best Overall Personal Loan Lender

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

First Tech is MoneyGeek's pick for the best personal loan lender in Georgia, scoring 98 out of 100. Its APR range of 8.94% to 18.00% is competitive, trending lower than many other lenders' rates. First Tech offers repayment terms from six to 84 months, allowing for flexibility in loan repayment. It excels in customer experience, with a top score for educational resources and access to help, as well as for offering competitive interest rates.

Pros

Insured by the National Credit Union Administration (NCUA)
Balanced, low APRs
Lots of educational resources available for consumers

Cons

Need to be a member to apply
Could provide more details on the loan application process
Little published information about credit score requirements

SEE THE BEST PERSONAL LOANS IN GEORGIA CITIES

Runner-Up Best Personal Loan Lender

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed is MoneyGeek's runner-up pick for the best lender for personal loans in Georgia, with a MoneyGeek score of 96 out of 100. Offering an APR range of 7.99% to 17.99%, PenFed's rates are competitive when compared to others in the state, with its average rate on the lower end of the spectrum. PenFed excels notably in the flexibility of its loan terms up to 60 months and maintaining a strong reputation and transparency with consumers, which contributes to its high ranking.

Pros

Offers some of the lowest APRs available
Explicitly mentions that debt consolidation is available
Insured by the National Credit Union Administration (NCUA)

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment
Limited variety of loan products compared to other lenders

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio or DTI.

Most lenders prefer to see a debt-to-income ratio of 35-40% or below for secured loans, and 40-45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Georgia Loan Payment

According to our analysis, lenders in Georgia offer personal loan products averaging about 49 months, but this can vary based on the financial institution and the borrower's credit profile. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 2, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Best Personal Loan Lender for Bad Credit

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

MoneyGeek's pick for the best personal loan provider for borrowers with low credit in Georgia is Happy Money. Despite not being a lender itself, but partnering with various financial institutions, it offers competitive rates and transparent credit requirements. With a MoneyGeek score of 94 out of 100, the lender facilitates loans at 11.72% to 17.99% APR, which is favorable when compared to other lenders in the market for those with a minimum credit score of 640. Particularly outstanding are its consumer education resources and its upfront information about processes and terms, ensuring applicants have clear guidance and support.

Pros

Works with 10 federally insured lenders to originate all loans
Transparent eligibility requirements, including credit score minimum
No application fee

Cons

The lenders it works with charge an origination fee
Longer time to wait for loan approval compared to other lenders analyzed

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

It's still possible to get a personal loan if you have lower credit than this, but you will not have access to the best interest rates and terms available. Some lenders allow prequalification, which doesn't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender for Debt Consolidation

Truist

96MoneyGeek Score
8.74% to 17.39%APR Range
UndisclosedMinimum Credit Score
From $3,500Loan Amount Range
24 to 60 monthsRepayment Terms

MoneyGeek's pick for the best personal loan lender for debt consolidation in Georgia is Truist. If the borrower has an existing relationship with BB&T or SunTrust, now Truist, they could benefit from applying here, since a relationship can affect loan terms and approval. Truist earned a score of 96 out of 100 and offers APRs that range from 8.74% to 17.39%, which is competitive in the market. The lender is particularly strong in the areas of application process efficiency and competitive interest rates and fees.

Pros

FDIC insured
No origination fees
High minimum loan requirement compared to competitors

Cons

Difficult to qualify for the lowest rates
High minimum loan requirement compared to competitors

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees and loan terms and flexibility, with a 60% and 40% weighting respectively. If the winner in our analysis also was won as Best Overall or Runner-Up, then we selected the next best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long-term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

The Impact of Credit Score on Loan Repayment in Georgia

When seeking a personal loan in Georgia, lenders will evaluate your credit report, income and debt-to-income ratio. Factors such as a lender's reputation, transparency about fees and rates, APR ranges, minimum credit scores required and flexibility on loan terms are critical when identifying the best personal loan options through MoneyGeek's analysis.

A higher credit score can secure more favorable APRs and loan terms; therefore, it may be beneficial to improve your credit score before applying for a loan. The table below illustrates how your credit score can influence your monthly loan payments.

Data filtered by:Results filtered by:

Credit Band:

Credit Band:690 to 719

Loan Amount:

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Understanding Personal Loans: Pros and Cons

Personal loans can offer substantial savings and convenience, with lower interest rates than credit cards and the ability to consolidate debt into a single, manageable payment. They also provide the flexibility to meet a variety of financial needs and the potential to enhance your credit history through consistent repayment.

However, it's important to be aware of potential downsides, such as origination fees and the risk of collateral loss, which underscore the importance of understanding personal loan benefits and drawbacks before committing to a loan agreement.

The good and bad of personal loans

Competitive interest rates for eligible borrowers
Simplifies finances through debt consolidation
Rapid funding for immediate financial needs
Flexibility in use for various expenses

High overall cost due to origination fees
Penalties for early loan repayment
Risk of asset loss with a secured personal loan
Encouragement of excessive debt accumulation

Frequently Asked Questions About Georgia Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Georgia for personal loans?

According to MoneyGeek's analysis, the best lender in Georgia for personal loans is First Tech with a MoneyGeek score of 98 and an average APR of 12%.

Where is the best place to get a personal loan in Georgia?

In Georgia, personal loans can be obtained from online lenders, banks and credit unions. For local in-person services, Georgia's Own Credit Union, Credit Union of Georgia and Georgia Heritage Federal Credit Union are some of the local credit unions that offer personal loans.

Who has the best personal loan interest rates in Georgia?

In Georgia, PenFed offers the lowest APR for personal loans at 7.99%, according to MoneyGeek's analysis. Your best option may vary based on individual needs and financial circumstances, and obtaining a low rate typically requires an excellent credit score.

What can I use a personal loan for in Georgia?

In Georgia, you can use personal loans for various needs, such as home or auto repair, emergency circumstances and vacation or travel. Typically, they cannot be used for gambling or illegal activities.

What are some personal loan red flags to look out for?

While considering personal loans, it's important to watch out for red flags, such as extremely high APRs, a lack of transparency about the lender, a high frequency of poor consumer reviews and application processes requiring no verification of identity or income.

Do lenders consider income level when applying for a personal loan?

Yes, income level is one of the factors lenders consider when evaluating a personal loan application. They assess the debt-to-income ratio, credit score, employment history, type of employment and credit history, among other details. It's advisable to avoid taking on new lines of credit during the application process as it can affect the outcome.

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About Zachary Romeo, CBCA

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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sources

Experian. "What Is the Average Credit Score in the US?." Accessed October 13, 2024.

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.