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Best Debt Consolidation Loan Lenders in Georgia

In Georgia, the average credit card and personal loan debt is $5,822 and $17,869, respectively. If you have multiple types of debt, a debt consolidation loan in Georgia will combine all of your debt into a single monthly payment at a reduced interest rate.

When you apply for a loan to consolidate your debt, lenders will often look at your credit score, income and debt-to-income ratio. MoneyGeek assessed the best Georgia debt consolidation loan providers to help you find the right one for you.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Georgia

MoneyGeek reviewed more than 30 different data points to identify the best debt consolidation loans in Georgia. We assessed lenders for their minimum credit score requirements, APRs, loan amounts, repayment terms, prepayment fees, origination fees, late fees and loan disbursement times.

Based on this evaluation, MoneyGeek found that Upgrade is the best overall debt consolidation loan lender in Georgia. Upstart and SoFi offer the best debt consolidation loans in Georgia for those with bad and good credit, respectively. However, the best lender for you ultimately depends on your specific financial situation.

Best Overall Debt Consolidation Loan in Georgia: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in Georgia: Truist


  • Truist

    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Truist Website

Best Debt Consolidation Loan for Bad Credit in Georgia: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in Georgia: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

How to Choose the Best Debt Consolidation Loan in Georgia for You

According to our research, Georgia residents have a combined personal loan and credit card debt of $23,691. Consolidating your debts can make it easier for you to make payments on your existing debts, as well as lead to significant savings by lowering the overall interest rate of your loan.

Remember that when you apply for loans, Georgia debt consolidation loan providers will assess your credit score, outstanding debts, employment income verification and other variables. MoneyGeek recommends following the steps below before applying for a debt consolidation loan in Georgia:

1

Ask Yourself the Important Questions

First, you should take a close look at your existing financial circumstances to determine whether a debt consolidation loan is the best way to manage your finances going forward. At a minimum, you should answer the following questions to determine if a debt consolidation loan is the most appropriate option for your specific situation:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2

Do Your Research

It’s in your best interest to consider your choices before applying for a loan. Lenders offer different rates and loan terms, so it’s important to do your research to find the best option for you. Some lenders complete credit checks, which might have a negative impact on your credit score. Others have a high minimum credit score requirement, which may make you ineligible.

MoneyGeek assembled this data to help borrowers select the best suitable Georgia debt consolidation provider. However, each purchaser has unique needs. If our suggestions do not fit your requirements, you should consider other lenders.

3

Wait

You should wait a day or two after choosing a lender before starting the application process. It’s important that you find the lender that suits your needs best, as a loan is a considerable financial commitment. If you wait, you’ll have more time to deliberate and reach a more objective conclusion.

4

Read the Fine Print

MoneyGeek strongly recommends reading the fine print in a loan agreement to guarantee you understand all the loan terms, including hidden fees like prepayment penalties, origination fees and late fees. Reading the fine print will help you save money in the long term.

5

Apply

If you’re confident that the company you selected is the right one for you, then you’re prepared to submit your application. Companies will typically require applicants to provide proof of identity, address and income during the loan application process. The loan application procedure can be conducted in a variety of ways, including online, over the phone or in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Georgia

Your application may be denied for several reasons — a low income, poor credit score or high debt-to-income can all cause your application to be rejected. If a lender doesn’t approve your loan application, you should contact them to find out why you were denied. In some cases, simply modifying the terms of your application by lowering the loan amount or choosing a shorter repayment period, can improve the odds that you’ll be accepted. Before reapplying with the lender or applying with a different lender, you should make sure to rectify the issues with your initial application..

If you’re denied a debt consolidation loan, you might think about taking out a payday loan. However, MoneyGeek strongly advises against this, as these loans feature high-interest rates and short repayment terms.

Calculate Your Monthly Payment

Typically, borrowers repay debt consolidation loans in monthly installments, including interest. To find out whether you can afford this monthly payment, you can use MoneyGeek's debt consolidation loan calculator below.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in Georgia

If you’re considering a debt consolidation loan, the first thing you should do is evaluate your current financial situation. Here, MoneyGeek addresses several of the most frequently asked questions concerning debt consolidation loans in Georgia.

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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight 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.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
  • Better Business Bureau. "SoFi." Accessed June 30, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 30, 2022.
  • Better Business Bureau. "Upstart." Accessed June 30, 2022.
  • Better Business Bureau. "Truist." Accessed June 30, 2022.
  • SoFi. "About Us." Accessed June 30, 2022.
  • Truist. "About Truist." Accessed June 30, 2022.
  • Upgrade. "About Us." Accessed June 30, 2022.
  • Upstart. "Overview." Accessed June 30, 2022.

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.