Best Loans for Bad Credit in Georgia for 2024
Updated: April 26, 2024
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Happy Money is considered the best personal loan lender for bad credit in Georgia, with a MoneyGeek score of 94 out of 100. It has exceptional customer service, competitive interest rates and a highly credible and transparent approach. As the runner-up, Avant has a MoneyGeek score of 92 out of 100; it offers the broadest payment options, a quick application and approval process and strong customer service.
MoneyGeek reviewed four personal loan lenders in Georgia that set and disclosed their minimum credit score requirements between 580 and 640 to identify the best options for bad credit loans. Alongside these featured lenders, other Georgia-based institutions like Georgia's Own Credit Union, Credit Union of Georgia and Georgia Heritage Federal Credit Union can also be valuable resources for personal loans, offering localized services that may suit various borrowing needs.
- 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
Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Georgia, with a MoneyGeek score of 94 out of 100. It is a fintech company that partners with federally insured lending partners by the NCUA to originate personal loans. It supports borrowers with a minimum credit score of 640, offering loan amounts from $5,000 to $40,000 and funding as quickly as the next day. Happy Money does not charge fees for late payments or early repayment, and flexible repayment terms ranging from 24 to 60 months are available. Applicants, however, should note the origination fee and the absence of options for co-signers or co-borrowers.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Flexible repayment terms from 24 to 60 months
- Offers to pay creditors directly
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in Georgia
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in Georgia, holding a MoneyGeek score of 92 out of 100. Avant partners with WebBank, a state-chartered, member FDIC bank, to originate personal loans. Potential borrowers will find that it accepts a minimum credit score of 580 and offers a loan amount ranging from $2,000 to $35,000, with the funds available as early as the next day. One highlight of using it includes no prepayment penalty, and another is the flexibility of repayment terms, which can extend up to 60 months. However, applicants should be aware that it charges up to a 9.99% administration fee, and they may incur late fees and dishonored payment fees.
Pros
- Doesn't charge a prepayment penalty
- Flexible repayment terms between 12 to 60 months
- Offers next-day funding
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Low borrowing limits at $35,000
Runner-Up for Best Bad Credit Loan Lender in Georgia
Calculate Your Monthly Loan Payment in Georgia
In Georgia, the average new account balance for personal loans stands at $8,204 according to TransUnion's Credit Industry Snapshot report. Repayment of personal loans typically occurs through fixed monthly payments over a set term, which can range from a few months to several years. It's useful to calculate these monthly loan payments accurately, as it can affect your budget, especially for individuals with bad credit who may face higher interest rates. To estimate your loan payments, consider using MoneyGeek's personal loan calculator for a handy guide to mapping out your payback schedule.
Best Bad Credit Loans by Credit Score in Georgia
Georgia's average credit score of 695 is below the national average of 715, as indicated by Experian data.
If your credit score is not ideal, securing a personal loan is still possible. Lenders in Georgia may accommodate borrowers with lower credit scores, but such loans often come with increased interest rates and less appealing terms. Review the following table to identify personal loan lenders in Georgia that align with different credit scores.
What to Do if Your Loan Application Is Denied in Georgia
Having your personal loan application denied in Georgia is uncommon, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If your loan application was denied, it might be due to a poor credit score, a high debt-to-income ratio, a low income level, or errors in your application. Review these reasons to address issues and reduce the likelihood of future denials.
Modify your loan terms
Consider discussing with your lender the possibility of adjusting the loan amount or the repayment terms to help secure an approval.
Find another lender
Different lenders have their own criteria for loan approval. Shopping around is a helpful approach to finding the best lender for your needs and credit history. Here are the factors to consider:
- Eligibility requirements: Lenders require specific credit scores, income levels, debt-to-income ratios, and employment histories.
- Interest rates: Look for competitive rates, which are crucial if you have bad credit.
- Additional fees: Understand that lenders might have fees such as origination, late, and prepayment fees.
- Loan terms: Lenders offer varying repayment terms for personal loans.
- Customer service and reputation: Research the quality of customer service and reputation of potential lenders.
Look for alternatives
There might be alternatives to personal loans that are more suitable for borrowers with bad credit. These include secured loans, credit union loans, or borrowing from friends and family.
Improve your credit score
By improving your credit score, you increase your chances of loan approval. Consistently paying bills on time, reducing outstanding debt, and avoiding new credit inquiries can contribute to this improvement.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in Georgia
It is common for borrowers in Georgia, especially those with bad credit, to have questions or concerns. We compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Georgia is offered by Happy Money, with a MoneyGeek score of 94 out of 100.
Avant has the lowest minimum credit score requirement for personal loans at 580.
The timeline for receiving a bad credit loan in Georgia varies by lender. Some lenders may offer same-day funding, while others can take from a few business days up to a week.
You can pay off your loan early in Georgia. However, check with your lender first to see if there are any prepayment penalties associated with early loan repayment.
Sources
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
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