Personal Loans in Atlanta, Georgia

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OneMain Financial Truist (through LightStream) Fifth Third Bank
APR 18.00% to 35.99% 3.49% to 16.79% (with autopay discount) 6.99% to 19.24%
Borrowing limits $3,100 to $20,000 for Georgia residents $5,000 to $100,000 $2,000 to $25,000
Terms 24 to 60 months 24 to 84 months 12 to 60 months
Origination fee $25 to $300, or 1.00% - 10.00% of the loan amount None None
Minimum credit requirement Not specified Not specified Not specified

OneMain Financial

OneMain Financial’s personal loans in Georgia have a higher minimum than usual, and the loan’s starting APR is significantly higher than those offered by Truist and Fifth Third Bank. They are also the only lender in this roundup that charges an origination fee.

Despite these drawbacks, OneMain Financial offers fairly flexible repayment terms and appears more willing to work with borrowers who don’t have the strongest credit or need to borrow a large amount. For instance, depending on your application, OneMain Financial may extend a secured personal loan to you, backed by your car. And, generally speaking, traditional banks have high minimum credit requirements for personal loans compared with lenders like OneMain Financial.

If you’re looking for loan companies in Atlanta, OneMain Financial has a physical branch location in East Point in the Camp Creek Marketplace complex. Other nearby branches include Decatur, Morrow and Mableton. This is important to note because you’ll need to visit a branch to complete your application.

How to qualify

When it comes to qualifying for personal loans in Georgia with OneMain Financial, several factors will be taken into consideration: your credit history and income, the purpose of the loan and the state you live in.

You’ll want to gather some important information and have it handy for your application. In order to apply, you’ll need to provide:

  • A government-issued form of identification
  • A Social Security card
  • Proof of your address (this can be a bill, a lease agreement, or a driver’s license)
  • Proof of your income (this can be a pay stub or your tax returns)

Truist

Of the three lenders here, Truist (formerly SunTrust and BB&T) offers the lowest starting APR and the highest loan amount. They also offer a wide range of loan terms. It’s worth noting that while long term loans mean smaller monthly payments, they usually also mean paying more in interest charges over time.

If you have strong credit and want a competitive personal loan from a lender with locations in Atlanta, Truist is hard to beat. They have over a dozen branches in the greater Atlanta area, including central locations like Centennial Place, East Atlanta and West Midtown. Same-day funding may also be available for your personal loan. But you will have to borrow a minimum $5,000, which is high compared with many other lenders.

How to qualify

To qualify for a personal loan, you’ll need to have an established credit history and a good credit score, as well as a low debt-to-income ratio. Your debt-to-income ratio is your monthly debt obligations divided by your monthly income.

You should also have the following items handy for the application and verification process:

  • Social Security number
  • Driver’s license
  • Employment information
  • Income information
  • Financial information

Fifth Third Bank

Among these loan companies in Atlanta, Fifth Third Bank’s personal loan (dubbed their Signature Loan) offers the smallest loans, as well as short terms of 12 months. The generally low starting APR is also noteworthy. Coupling a short term with a low offered APR (which depends on your creditworthiness) means you’ll pay less in interest charges.

You’ll also enjoy no origination fee with Fifth Third Bank and a fast funding process. Further, Fifth Third Bank does offer personal loans to qualified candidates, but you’ll need to jump through extra hoops and schedule an appointment.

How to qualify

In order to qualify for Fifth Third Bank‘s Signature Loan, you must have or be willing to open an eligible checking or savings account, and it must be in good standing. Loan availability may also vary depending on your state of residence.

As with most personal loans, Fifth Third Bank will likely consider your credit history and income as primary factors in determining your eligibility and loan rates. You’ll want to have personal and financial information handy at the time of application, and you may have to go through a verification process in which you’ll be asked for documents that show your residence and income.

Explore lenders with LendingTree

When shopping for personal loans, it’s important to prequalify with several lenders so you can compare loan offers. from various loan companies in Atlanta. Depending on your creditworthiness, you may be able to see loan offers from up to five lenders by filling out a form on LendingTree, which is a lending marketplace. (Keep in mind that qualification isn’t guaranteed, and your final loan decision will depend on your credit health.)

Get personalized rates

You can also use this personal loan payment calculator to estimate the cost of your loan, or just help you decide what loan terms may best suit your finances.

How to find bad credit personal loans in Atlanta

While it can be difficult to find bad credit personal loans in Georgia, it is still possible. Loan companies in Atlanta like Quick Loans America and Covington Credit tend to have an easier and faster application process and won’t necessarily require impeccable credit.

But in exchange for more lenient application requirements, these bad credit installment loans can come with a significantly higher interest rate. So take caution when exploring your options; competitive personal loans for bad credit offer clear terms, low fees and reasonable interest rates for your credit profile.

You may also consider these other bad credit loans:

  • Secured loan: A secured personal loan, for example, requires you to put down collateral (such as your car). In exchange, you may qualify for lower interest rates and/or a higher loan amount. Home equity loans are another type of secured loan.
  • Payday alternative loan (PAL): Offered by federal credit unions to members, PALs are a great option for those needing a short-term loan but who want to avoid the predatory terms on payday loans.

Requirements for personal loans in Atlanta

All personal loans in Atlanta must specify the interest rate in writing, typically found in your loan agreement, unless the interest rate is 7% or below. Short-term loans with sky-high interest rates, often referred to as payday loans, are generally illegal in Georgia.

Installment loans in Georgia of less than $3,000 are considered small loans, and the annual interest rate charged must be simple interest and can’t exceed 16%.

Personal loans in Atlanta: FAQ

Where can I find a payday loan in Atlanta?

Payday loans in Atlanta are generally illegal but it is still possible to find small, short-term loans for people with bad credit. It’s important to understand payday loans and how they work. While these loans are fast and easy, they’re also extremely expensive, and the very short repayment terms can make them even more burdensome. For that reason, payday loan places in Atlanta should be treated as a last resort.

What are other options if I’m looking for fast or speedy cash in Atlanta?

If you’re in need of fast cash in Atlanta, the lenders mentioned above offer quick turnaround times that include same-day and next-day funding. If you’re comparing payday loans and personal loans, you could also consider PALs. Just remember: You’ll have to become a member of a federal credit union, but often, membership is easy to obtain if you live in the area.

How can I find a list of banks in Atlanta?

You can pull up a list of banks in Atlanta using the FDIC’s BankFind feature, which will provide you with information like each bank’s location and website. You’ll find many of the best banks in Atlanta on this list.

How can I find a list of credit unions in Atlanta?

If you’re looking for the top credit unions in Atlanta, you can use the NCUA’s Credit Union Locator. This database will provide a location and contact information for each credit union, allowing you to more easily explore local options.

Methodology

To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Atlanta. We then researched the first 80 lenders that appeared in our results on March 10, 2020, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.