Best Personal Loans in Georgia for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byJlyne Ubina
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Updated: April 30, 2024

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First Tech and PenFed top MoneyGeek's list of personal loan lenders in Georgia, scoring 98 and 96, respectively. Known for standout customer support and competitive interest rates, First Tech excels in customer service and education, while PenFed shines with its balance of affordable costs and flexible terms.

Before applying for a loan, it's essential to know your creditworthiness — like your credit score and income history. Georgia's average credit score is 695, according to Experian data from 2023. This suggests that the average borrower may experience favorable loan conditions, as this score is generally considered good.

MoneyGeek evaluated lenders based on factors like reputation, transparency, cost and flexibility. This thorough analysis helps ensure you're well-informed when choosing a loan that fits your financial needs.


    Best Overall Personal Loan Lender

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Georgia, scoring 98 out of 100. Its APR range of 8.94% to 18.00% is competitive, trending lower than many other lenders' rates. First Tech offers repayment terms from six to 84 months, allowing for flexibility in loan repayment. It excels in customer experience, with a top score for educational resources and access to help, as well as for offering competitive interest rates.


    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Lots of educational resources available for consumers


    • Need to be a member to apply
    • Could provide more details on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up Best Personal Loan Lender

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed is MoneyGeek's runner-up pick for the best lender for personal loans in Georgia, with a MoneyGeek score of 96 out of 100. Offering an APR range of 7.99% to 17.99%, PenFed's rates are competitive when compared to others in the state, with its average rate on the lower end of the spectrum. PenFed excels notably in the flexibility of its loan terms up to 60 months and maintaining a strong reputation and transparency with consumers, which contributes to its high ranking.


    • Offers some of the lowest APRs available
    • Explicitly mentions that debt consolidation is available
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    • Limited variety of loan products compared to other lenders
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The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio or DTI.

Most lenders prefer to see a debt-to-income ratio of 35-40% or below for secured loans, and 40-45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Georgia Loan Payment

According to our analysis, lenders in Georgia offer personal loan products averaging about 49 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.


    Best Personal Loan Lender for Bad Credit

  • 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

    MoneyGeek's pick for the best personal loan provider for borrowers with low credit in Georgia is Happy Money. Despite not being a lender itself, but partnering with various financial institutions, it offers competitive rates and transparent credit requirements. With a MoneyGeek score of 94 out of 100, the lender facilitates loans at 11.72% to 17.99% APR, which is favorable when compared to other lenders in the market for those with a minimum credit score of 640. Particularly outstanding are its consumer education resources and its upfront information about processes and terms, ensuring applicants have clear guidance and support.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

    Best Personal Loan Lender for Debt Consolidation

  • Truist

    • 96MoneyGeek Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan lender for debt consolidation in Georgia is Truist. If the borrower has an existing relationship with BB&T or SunTrust, now Truist, they could benefit from applying here, since a relationship can affect loan terms and approval. Truist earned a score of 96 out of 100 and offers APRs that range from 8.74% to 17.39%, which is competitive in the market. The lender is particularly strong in the areas of application process efficiency and competitive interest rates and fees.


    • FDIC insured
    • No origination fees
    • High minimum loan requirement compared to competitors


    • Difficult to qualify for the lowest rates
    • High minimum loan requirement compared to competitors
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Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

The Impact of Credit Score on Loan Repayment in Georgia

When seeking a personal loan in Georgia, lenders will evaluate your credit score, credit history, income and debt-to-income ratio. Factors such as a lender's reputation, transparency about fees and rates, APR ranges, minimum credit scores required and flexibility on loan terms are critical when identifying the best personal loan options through MoneyGeek's analysis.

A higher credit score can secure more favorable APRs and loan terms; therefore, it may be beneficial to improve your credit score before applying for a loan. The table below illustrates how your credit score can influence your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Understanding Personal Loans: Pros and Cons

Personal loans can offer substantial savings and convenience, with lower interest rates than credit cards and the ability to consolidate debt into a single, manageable payment. They also provide the flexibility to meet a variety of financial needs and the potential to enhance your credit history through consistent repayment.

However, it's important to be aware of potential downsides, such as origination fees and the risk of collateral loss, which underscore the importance of understanding personal loan benefits and drawbacks before committing to a loan agreement.


Frequently Asked Questions About Georgia Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Georgia for personal loans?
Where is the best place to get a personal loan in Georgia?
Who has the best personal loan interest rates in Georgia?
What can I use a personal loan for in Georgia?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.