With 200 banks and nearly 90 credit unions in the state, Georgians have a lot of options for getting a personal loan. Online lenders like LightStream and Upstart also provide loans in the Peach State — and may come with better rates and faster funding. Here's a closer look at the options available.
Select your credit score range and state to see lenders you might qualify with. Select Compare to see up to four lenders' details and benefits side by side.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Personal loans for all credit scores are available from banks, credit unions and multiple online lenders with national reach. Credit unions and online lenders tend to have the lowest interest rates, but you’ll need good to excellent credit to get the best rates.
But even if your credit score is less than stellar, you can still try a credit union, online or P2P lender, as they tend to have more flexible underwriting criteria than traditional banks. Some online lenders, like Upstart, accept credit scores as low as 300 as long as you can show regular income.
Personal loans for bad credit borrowers are also available from local installment lenders in Georgia, but rates and fees can start high. As always, compare multiple lenders to find the best deal for your credit score.
If you have good to excellent credit, a traditional bank may be a good place to start searching for a personal loan. In addition to regional banks, many larger commercial banks have branches in Georgia, including PNC Bank, Wells Fargo and Truist. Average rates range from 7.00% to 24.00% currently, but you might be able to snag a more competitive rate with a relationship discount.
Relationship discounts are loan interest rate reductions that some banks offer to current customers. While 0.25% is typical, some banks offer discounts as high as 0.50%. Even with these discounts, compare a bank’s best rate against online lenders’ rates and discounts. LightStream, for example, will beat any competitor’s rate by 0.1% as long you qualify and meet its conditions.
And while banks typically don’t fund loans as quickly as online lenders, being a current customer may help speed things up.
Online lenders cater to a wide range of credit scores — from 300 and up — and tend to offer more flexible underwriting, faster loan applications and faster funding than a bank or credit union. Depending on how fast your loan is approved, some online lenders can fund your loan as soon as the same day.
Rates on personal loans from online lenders can range anywhere from 7.00% to 36% APR, with the best rates reserved for people with the highest credit scores. If you have a lower credit score, be prepared to pay a higher rate, plus origination fees which can run from 1% to 10%. But if you have very good to excellent credit, you don’t need to pay origination fees.
And be sure to ask about rate discounts, including autopay and creditor direct pay discounts — as many online lenders offer them. You could save 0.25% to 0.50% off your rate.
Your local credit union can also be a great place to search for a personal loan too, since rates are capped at 18% APR by The National Credit Union Administration (NCUA). The NCUA board regularly updates this maximum rate, so be aware the cap could increase in the future.
Credit unions may also work with lower credit borrowers, but to qualify for a personal loan from a credit union, you’ll need to be a member and turnaround times on funding may take longer than with an online lender.
Peer-to-peer (P2P) lenders offer loans funded by investors or everyday people looking to earn a profit on their money. P2P lending rates tend to be higher than banks and online lenders — around 8.00% to 36% APR — but these lenders try to make loans more accessible to lower credit borrowers.
But funding times with P2P lenders can take longer than with online lenders, and many, like Prosper, charge origination fees on its loans. If you have good to excellent credit, look for a lender that doesn’t charge origination fees.
Compare the top credit unions in Georgia to see lenders you might qualify with.
| Credit Union | APR range | Term length |
|---|---|---|
| Credit Union of Georgia | 10.24%+ | Up to 60 months |
| Peach State Federal Credit Union | 8.90%+ | Up to 60 months |
| Credit Union of Atlanta | 8.00%+ | Up to 60 months |
While every lender is different, be prepared to meet the following requirements to get a personal loan in Georgia:
Typical rates for personal loans, including loans in Georgia, range from 5.50% to 35.99% APR as of May 2023. Most lenders offer rates starting at 6.99% and up — but these rates only go to the best credit borrowers.
Origination fees on personal loans typically range from 1% to 10%, depending on the lender and your creditworthiness. However, not all lenders charge origination fees, and if you have good to excellent credit, you shouldn’t have to pay them.
As always, compare multiple lenders with a prequalification to find the best deal for your credit score before applying.
Remember to shop around and get at least three or four quotes. The best rates and terms go to borrowers that take the time to compare interest rates, fees and discounts.
Georgia has laws and regulations in place to help protect consumers from predatory lending, like payday loans, but many gray areas remain. State usury laws limit what lenders can charge on personal loans, and it appears that most installment lenders in Georgia don’t charge more than 36% APR.
But these rules don’t apply to auto title loan lenders, which are allowed to charge between 150% and 300% APR annually. If you must use an auto title loan in Georgia, pay the loan off as soon as possible to avoid excessive interest charges or repossession or consider other payday loan alternatives in this state.
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