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How to get a Personal Loan Online in Georgia: Our Guide

Personal loans are loans with APRs (expressed as a percentage) of 5.99% to 35.99%. Personal loans can be either unsecured or secured, unsecured means that no collateral is backing the loan while secured means that the loan is backed by some sort of collateral (home, car, or other assets).

Georgia personal loan lenders offer loans in amounts of $1,000 up to $100,000. Personal loans can be used for any purpose you deem fit Popular uses of personal loans include credit card debt consolidation, funding home improvement, and paying for emergency expenses.

Personal loans are paid back monthly and their rates are fixed, meaning your payment amount will stay the same throughout the life of your loan. This is helpful because you will always know exactly how much you need to pay back each month. Financial services companies in Georgia like credit unions, banks, and online lenders all offer personal loans.

Depending on the lender, there could be some fees associated with borrowing, the most common fee is an origination fee. These are fees associated with the cost of processing your application and funding your loan.

What Credit Score do I Need to Get a Personal Loan in GA?

According to Experian, in 2019, the average FICO credit score of a Georgia citizen was 682. During that same time, 30% of consumers in Georgia currently had a personal loan with an average personal loan amount of $13,557 and a personal loan interest rate of 8.81%.

In order to get a personal loan online in Georgia, borrowers will need to have a minimum credit score of 620 in order to be eligible for most lenders. However, some lenders specialize in lending to individuals with credit scores below 620.

What can Personal Loans in Georgia be Used For?

A personal loan can be used at the borrower’s discretion so it can be used for any sensible reason. Upon funding, personal loans are deposited directly into your bank checking or savings or savings account. Some of the most popular uses for personal loans include:

Credit card debt consolidation
Household expenses
Unexpected emergency expenses
Moving expenses
Large event expenses (ex. Wedding)
Pay overdue bills (Tax, medical, household)
Pay for home improvements
Make a big purchase
Wedding and event expenses
Travel/vacation

Pros and Cons of Georgia Personal Loans

Pros

Fixed interest rate, which helps keep monthly payments on track.
Fast funding options help you get your loan quickly.
Most personal loans are unsecured loans, meaning your home or car isn’t used as collateral to borrow money.
Much lower interest rates compared to payday loans, which charge upward of 400 percent.
Most lenders allow you to apply online.
Can be used for any big purchases or major expenses.
Borrowers with good to excellent credit can receive highly competitive rates.
Get your estimated loan payments without affecting your credit score.
Personal loan comparison allows you to compare and contrast options.
Pre-qualification allows you to see your rates without affecting your credit report.

Cons

Borrowers with lower credit scores might have a difficult time qualifying.
A handful of lenders charge fees, like origination, late, and prepayment fees. The lower your credit score, the more likely you are to have a lender that charges more fees.
A handful of lenders don’t offer co-signers, which means you can rely on your credit score and credit history to qualify.
You’re adding another bill to your monthly payments, this might stretch or even break your budget if you are not careful.
Higher interest rates than home equity loans and auto loans because personal loans are unsecured (require no collateral).

How to get a personal loan in Georgia

With so many lenders to choose from, getting a personal loan can be a daunting task. Here are five tips for getting a personal loan:

Determine how much you want to borrow: Take note of the amount of money you’ll need for your loan. Make sure to factor in any origination fees, which some lenders take out of the total loan amount. Use a rate calculator to determine your estimated monthly payments and make sure you can fit that amount into your monthly budget
Take a look at your credit score: Knowing your credit score is important because it will help you determine your estimated APR (annual percentage rates). Potential borrowers with higher credit scores will receive the most competitive APRs. borrowers with fair or poor credit will receive offers with higher APRs. An option to lower your APR would be to add a co-signer to your loan; a co-signer with good credit will improve your overall credit picture and earn you more favorable loan interest rates.
Get matched with lenders: Online lenders allow you to check your personal loan interest rates, this preliminary step in the loan approval process gives lenders a preview of your creditworthiness, and it gives you a preview of the loan you might receive. Getting your rates doesn’t hurt your credit score and allows you to see real loan offers. Through this process, you can compare personal loan rates from a variety of lenders, including online lenders, banks, and credit unions through an application process. This helps you find the best loan offer for you. GAloan offers a service that allows you to get matched with multiple lenders with a single online form.
Complete the approval process: After completing your loan application and receiving an offer, you can accept the loan. The lender will then likely require you to submit pay stubs, tax documents, and personal identification to complete the loan application process. Many lenders allow you to submit these documents online.
Get your loan: After the lender finalizes your loan, you’ll likely receive your loan within a business day or up to a week. After receiving your loan make sure you note your first payment due date. We recommend setting up automatic payments if they’re available; many lenders offer discounts for doing so.

Georgia City Personal Loan Guides

All Georgia City Personal Loan Guides

Fact Answer Question on Personal Loans in Georgia

Can I get a personal loan with bad credit?

Credit score requirements are different from lender to lender. Some lenders accept only borrowers with good or better credit; others will loan to bad-credit borrowers. Learn how to get a loan with bad credit in Georgia.

How quickly can I get a personal loan in GA?

For many direct lender personal loans, lenders can approve qualified borrowers’ applications and fund loans the same or next day, while others may take up to a week. Compare fast personal loans.

Where can I get a personal loan in Georgia?

Online lenders, banks, and credit unions all offer unsecured personal loans. While some online lenders can offer low rates and fast funding to many people, you may get a better offer from your credit union or bank if you’re an existing customer. Learn more about where to get a personal loan.

What coronavirus relief options are available for personal loans?

Some lenders are offering low-rate small loans, while others are allowing payment relief on existing loans in response to the COVID-19 crisis.

The Simple way to Find a Personal Loan in Georgia

Check rates from 3.99% APR without affecting your credit score