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Best Low-Income Loans in Georgia

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ByChristopher Boston
Edited byMorgan Hull
ByChristopher Boston
Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Georgia

MoneyGeek reviewed over 30 lenders for key data points to select the best low-income loan lender in Georgia. These data points include, but aren’t limited to, customer service ratings from the Better Business Bureau (BBB), credit score requirements, income requirements, interest rates, available loan amounts, repayment terms and more.

We found that Upgrade offers the best overall low-income loan in Georgia, with LendingClub coming in second. Meanwhile, Upstart is best suited for those with bad credit, and Prosper is our top choice for those with good credit.

Best Overall Low-Income Loan in Georgia: Upgrade

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Runner-Up for Best Low-Income Loan in Georgia: LendingClub

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Best Low-Income Loan for Bad Credit in Georgia: Upstart

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Best Low-Income Loan for Good Credit in Georgia: Prosper

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How to Choose the Best Low-Income Loan in Georgia for You

Prior to applying for a low-income loan in Georgia, it’s important to reflect on your current situation and financial goals. This can help you decide if a low-income loan is the best option for you, as well as help you find the ideal lender for your situation.

Your credit score and DTI ratio impact your loan eligibility and interest rates. In Georgia, the average credit score is 693 and the average personal loan debt is $17,869. Consider how your finances compare to these state averages. The following steps can help you make a well-informed decision on your journey to finding the best low-income loan in Georgia.

1
Ask Yourself the Important Questions

Prior to researching different lenders, you can save time by thinking through the following questions.

  • How much funding do you need? It’s important to only borrow the amount of money you need to avoid paying more in interest. Furthermore, lenders offer varying loan amounts, so knowing how much funding you need can help you narrow down your lender options.
  • What’s your credit score? Your credit score will impact your loan eligibility and the interest rate you receive. If you have a poor credit score, consider improving it first before applying for a loan. This will likely help you receive a lower interest rate.
  • Can you afford the monthly payments? Choose a loan amount that fits your budget and financial goals. With a higher monthly payment, you’ll repay your loan faster, thereby reducing the amount you pay in interest over the life of your loan. However, you should still be able to pay your other living expenses.
  • Do you have existing debts? Unless you intend to use your low-income loan to consolidate debt, obtaining an additional loan may not be the best option. Consider repaying your existing debts first before taking more on.
  • Is your debt manageable through other means? To pay less in interest, consider borrowing money from friends and family or taking out a low-interest credit card.
2
Do Your Research

MoneyGeek provided a list of low-income lenders for your review, but this list should just serve as a starting point for your own research. Before submitting an application, compare lenders’ APRs, loan amounts, minimum credit score criteria, disbursement periods and repayment terms. You can also search for loans with no origination fees or lenders that offer instant loan approval.

3
Wait

It’s important to wait a few days so that you don’t rush into making a decision. A low-income loan is a significant commitment of both your time and money, so it’s essential that you’re confident in your decision and choice of lender. During this time, you can compare offers from different lenders or seek alternative funding options.

4
Read the Fine Print

Once you’ve found the best low-income loan lender in Georgia for you, make sure to carefully read the terms and conditions of your loan. Look for origination fees, late fees or prepayment penalty fees. These fees can significantly increase the overall cost of your loan. If you have any questions about your lender’s loan terms, you should contact them for clarification.

5
Apply

After you’ve read and are comfortable with the terms and conditions of your loan, it’s time to submit your application. To save time, gather all required documents in advance, like those for proof of identification, address, employment and income. While some lenders only accept online applications, others may have physical branches where you can apply in person.

What to Do if You Can’t Get a Low-Income Loan in Georgia

Your loan application may be rejected for a number of reasons, including your credit score, DTI ratio, repayment term or loan amount. If your application is denied, you should contact the lender to find out why it was rejected. Sometimes, simply changing the terms of your loan, like the loan amount or repayment period, can lead to it being approved.

If a low credit score caused your application to be rejected, we recommend improving it first before submitting another application. This will help you avoid further negatively impacting your credit score, as nearly all lenders complete hard credit checks on loan applications.

You may be tempted to take out a payday loan, a predatory “loan” that features high interest rates and short repayment terms. MoneyGeek strongly advises against this, as borrowers often end up spending more money in the long run. Furthermore, repaying the loan also won’t improve your credit score.

Calculate Your Monthly Payment

Before you submit an application, it helps to have an idea of how much you will pay each month for your low-income loan in Georgia. This will help you plan your finances and budget accordingly. Using MoneyGeek's personal loan calculator, you can estimate your monthly payment amount, particularly if your selected lender has already pre-approved your application.

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FAQs About Low-Income Loans in Georgia

A low-income loan in Georgia can provide you with financing fast. However, taking the time to carefully review your options can help you obtain the best low-income loan for your situation. MoneyGeek addressed the most frequently asked questions about low-income loans to help you make an informed decision.

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

Methodology

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METHODOLOGY

MoneyGeek evaluated over 30 personal loan providers for more than 35 data points across six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each major category, we analyzed a number of key data points that we felt are the most important when choosing a provider. Among these key data points include lenders’ APR ranges, available loan amounts, minimum income requirements, minimum credit score requirements, application costs and disbursement time.

Since MoneyGeek’s priority is you, the consumer, we also took into account lenders’ customer service and company ratings, as well as other services that improve a borrower’s overall experience, like the availability of convenient mobile applications, prequalification and payment options.

After deliberation and analysis, our recommendations were made with your best interests in mind. When selecting a lender that suits your requirements, MoneyGeek’s personal loan recommendations and professional advice are designed to help you make informed financial decisions.

About Christopher Boston


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Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


sources
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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.