Top Lenders & Best Picks for You
Best Personal Loans in Columbus, GA
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Columbus
- The Best Personal Loan Lender for Bad Credit in Columbus
- The Best Personal Loan Lender for Good Credit in Columbus
- The Best Personal Loan Lender for Debt Consolidation in Columbus
- The Best Personal Loan Lender for Home Improvements in Columbus
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Columbus
MoneyGeek’s Pick for Best Personal Loan Lender in Columbus: Truist
MoneyGeek evaluated the best personal loan providers in Columbus, Georgia, based on loan amount, BBB rating, interest rates, credit score requirements and origination fees.
From the analysis, the best personal loan lender in the city is Truist. If you have a bad credit score, Upstart offers the best personal loan, while Upgrade and Best Egg ranked the best for debt consolidation and home improvement, respectively.
Best Overall Personal Loan Lender in Columbus: Truist
Best Personal Loan Lender for Bad Credit in Columbus: Upstart
Best Personal Loan Lender for Good Credit in Columbus: SoFi
Best Personal Loan Lender for Debt Consolidation: Upgrade
Best Personal Loan Lender for Home Improvement: Best Egg
How to Choose the Best Personal Loan Lender In Columbus for You
The average personal loan debt in Georgia is $17,589. Although getting a personal loan might help you cover emergency expenses such as funerals, medical bills and debt consolidation, it is important to determine whether it is necessary to apply for a loan and how this will impact your financial health.
While looking for the best personal loan provider in Columbus, here are some steps you should follow:
Ask Yourself the Important Questions
You need to make various considerations before applying for a personal loan, including how a loan will affect your current financial situation. Prior to applying for a loan, it’s important to explore alternative funding options for your emergency. Each lender has a unique set of requirements, and you need to establish whether you can meet these requirements before submitting your application. Some of the questions to ask yourself include:
- What is the purpose of the loan and how much funding do you need?
- What is your credit score?
- Can you afford the monthly payment amount stipulated by the lender?
- How much existing debt do you have?
Do Your Research
Lenders consider different consumer attributes when reviewing your loan application. They also charge different fees and outline varying terms and conditions. Conducting personal research will help you determine the best lender for your needs.
MoneyGeek analyzed the top loan options in Columbus and outlined the terms and conditions for each lender to ensure you make the right choice for your needs. However, doing your own research may help you identify better options not listed in this guide.
Note that the average duration for loan repayment is two to four years. Choosing a loan with unfavorable terms might impact your financial goals negatively. We recommend that you do not apply for a loan until you compare terms across the lenders.
Wait
After comparing the lenders based on features like the loan amount, repayment period and interest rates, you should spend one to two days thinking through your decision. Review your financial objectives and determine whether your preferred loan will help you achieve them. Getting a personal loan is a big commitment and it is good to take time and assess your options before making a final decision.
Read the Fine Print
Reviewing the fees and rates associated with your personal loan before completing the application process can help you save on your monthly payment amounts. The loan agreement contains all the terms associated with the lender and the product. Be sure you understand any hidden charges or other costs like late payment fees, prepayment penalties and origination fees.
Read through the fine print of the loan and ensure you understand the details, including how much you will need to pay each month for the loan.
Apply
Once you are satisfied with your decision, you can proceed with the application. Put together all the required information, including your personal details, proof of income and contact details. You need to ensure that the information you provide during your application is accurate. Depending on the lender, you may apply online or in person at the company office.
What to Do if You Can’t Get a Personal Loan in Columbus
Lenders may fail to approve your loan due to various reasons. These include a bad credit rating, which is the most common, as well as low income, high debt-to-income ratio and incomplete application information.
If your application is declined, it is important to find out more details from the lender and make any necessary changes to your application. While it is possible to submit your application to a different lender, we recommend that you do not do so until you have improved the factors that caused you to be denied during your first application.
Some short-term loans, such as payday loans, offer a quick way to get funding for your emergencies. However, such loans come with high interest rates and short repayment periods.
Frequently Asked Questions About Personal Loans in Columbus
The best personal loan in Columbus depends on several factors, including your credit score and minimum gross income, among others. MoneyGeek responded to the following frequently asked questions to guide you through your personal loan application journey.
According to MoneyGeek, Truist offers the best personal loans in Columbus, Georgia. However, the best option will vary depending on your circumstances. For instance, SoFi is the best for borrowers with a good credit score, Upstart for those with bad credit and Best Egg for those looking for funds to improve their homes.
Upstart has the lowest interest rate in Columbus, Georgia. You will pay as low as 3.22% interest on your personal loan.
Yes, you can fund any expense using a personal loan in Columbus, Georgia, including vacation expenses. However, some lenders have restrictions for how you can use funds, so you will need to find out before submitting your application
Yes, lenders in Columbus allow you to use your personal loan for home improvement and renovations. Based on our research, Best Egg is the top option in the city for loans related to home improvements or renovations.
You can use a personal loan to cover any expense in Columbus, Georgia. However, some lenders will prohibit you from using the funds to repay an existing loan, cover post-secondary education expenses, invest in bonds and stocks as well as fund illegal activities.
In Columbus, you can borrow as low as $1,000 and as high as $100,000. The right amount depends on your financial situation and whether you meet the requirements outlined by the lender.
How long it will take for you to receive funds after a personal loan application depends on the lender. Some lenders will provide the funds on the same day application, while others may take as long as seven days.
You can repay your loan early. However, doing this may attract a penalty with some lenders. Ensure you read the requirements on the loan agreement before making any early payments.
Our Personal Loan Methodology
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we analyzed several factors that are the most important when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
At MoneyGeek, we value you, the consumer, so we also considered each lender’s customer support and business ratings, as well as additional features that could make your experience easier, like prequalification, payment options and mobile apps.
Our selections were made with your best interests in mind. These personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
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.