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Best Debt Consolidation Loans in Georgia of 2024

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Reviewed byKatherine Kurtz
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Reviewed byKatherine Kurtz
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Updated: December 28, 2023

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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

    MoneyGeek identified Upgrade as the best overall debt consolidation loan provider in Georgia. Since the company was formed in 2017, over 15 million clients have been granted loans and credit cards. This organization also received an A+ rating from the Better Business Bureau (BBB) for its impressive track record of positive client feedback.

    Upgrade has no minimum overall income requirements and a fair credit score requirement of 560, making it easier to qualify for a debt consolidation loan with this lender. Additionally, this lender has a reputation for paying third-party creditors in a timely manner, which may save you time.

    However, Upgrade does not permit co-signers or joint loans for Georgia consumers. Furthermore, if you need to consolidate more than $50,000 worth of debt or are looking for a lower APR, this lender may not be the best option for you.

    Pros

    • Relatively low minimum credit score requirement
    • Same-day funding
    • No prepayment fees
    • Mobile application available
    • No minimum income requirement

    Cons

    • Potentially high interest rates
    • Restrictions on the usage of funds
    • High origination fees
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

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

    Truist is a purpose-driven financial services organization formed from the merger of BB&T and SunTrust in 2019. MoneyGeek ranked the firm as the second-best debt consolidation lender in Georgia. Truist also received an A+ BBB rating for its exceptional services.

    Truist does not have a minimum credit score requirement, making it appropriate for consumers with diverse credit histories. In addition, this lender does not charge origination or late fees, allowing its borrowers to save money. Its mobile application allows borrowers to easily manage their loan and make payments.

    One drawback of Truist is its maximum loan amount of $50,000, which is among the lowest among debt consolidation lenders.

    Pros

    • Next-day funding
    • Low interest rates
    • No minimum credit score requirement
    • No origination fees
    • Mobile application available

    Cons

    • Relatively low maximum loan amount
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: Next day
    Truist

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

    Upstart is an artificial intelligence banking platform that was developed in 2012. There is no minimum credit score required to qualify for a loan through Upstart, therefore, Georgia residents with poor credit may consider applying for its loans. This company received an A+ rating by the BBB and does not impose any prepayment fees on its customers. Upstart also only completes a soft credit inquiry during the initial application process, so your credit score won’t be negatively impacted.

    However, applicants seeking an Upstart loan must have an annual gross income of at least $12,000 and a debt-to-income ratio of no more than 45%. Upstart does not provide a mobile app for loan management, so those who want this option should explore other lenders.

    Pros

    • No minimum credit score requirement
    • No prepayment fees
    • Joint loans available
    • Soft credit check
    • Use of funds for education-related costs is allowed

    Cons

    • Origination fees
    • Maximum debt-to-income ratio of 45%
    • No mobile application available
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

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

    SoFi, also known as Social Finance, has funded approximately $50 billion in loans since it was developed by Stanford business students in 2011. SoFi is the best debt consolidation lender in Georgia for those with excellent credit.

    Most borrowers in Georgia meet the lender’s minimum credit score requirement; the average credit score in Georgia is 701, which is higher than SoFi’s minimum credit score requirement of 680. Those that are eligible can receive a maximum loan amount of $100,000 at a relatively low interest rate. In addition, SoFi provides a mobile application that allows borrowers to manage their accounts virtually anywhere.

    However, SoFi does not allow co-signers on its debt consolidation loans. In addition, SoFi loans cannot be used for business, investments or higher education expenses.

    Pros

    • High maximum loan amount
    • No origination fees
    • Mobile application available
    • Protection against job loss
    • A+ BBB rating

    Cons

    • Restrictions on the usage of loans
    • Co-signers not permitted
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

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.

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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.

What is the best debt consolidation loan lender in Georgia?
Which lender in Georgia has the lowest interest rate for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Georgia?
How much debt can I consolidate in Georgia?
How long does it take to get a debt consolidation loan in Georgia?
Can I pay off my loan early 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.
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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.