What Is a Personal Loan?
A personal installment loan is a loan option for major expenses. Personal loans can provide several thousands of dollars in funding, which borrowers repay every month through small, manageable payments. Personal loans are widely available online or through local banks and credit unions.
What Are the Types of Personal Loans You Can Get?
There are various personal loan options available, such as bad credit loans, payday loans, no credit check loans, and cash advance loans. Here’s more information on each option:
Bad Credit Loans
Loans for bad credit can provide access to funding for borrowers who may struggle to qualify for traditional loans. While they may be helpful in some cases, borrowers should shop around to find the most affordable rates available.
Payday Loans
Payday loans are short-term, single-payment loans designed to provide cash advances between pay periods. While convenient, these loans carry very high rates and fees that may result in further financial hardship.
No Credit Check Loans
No credit check loans do not require hard credit inquiries because they are meant for borrowers with bad credit history. While these loans may be accessible, they generally carry extremely high costs and should be considered carefully.
Cash Advance Loans
Online cash advance loans provide small loan amounts very quickly. Funds may be available within 24 hours depending on the lender and your bank, but repayment of the full loan amount plus fees is typically expected by your next payday.
Atlanta Installment Loans
These are the loan terms you can expect from Atlanta installment loans:
- Loan Amounts — Customers can get a few hundred or several thousand dollars. But the amount you get will depend on your eligibility.
- Fixed Interest Rates — In Georgia, interest rates on loans of $3,000 or less are generally capped at 10% annually unless issued under the Georgia Industrial Loan Act (GILA), which allows higher rates for licensed lenders. For loans over $3,000, there is no statutory cap on interest rates.1
- Repayment Terms — The repayment period can last months or several years.
- Fees and Penalties — Personal loans typically have origination fees, late fees, and interest fees. However, watch out for lenders that charge prepayment penalties and application fees.
- Online Loan Management — Online lenders typically provide online accounts so you can easily manage your loan.
Atlanta Installment Loan Rates
Here’s what you can expect to pay on a $500 loan with Georgia’s limit for personal loans:
| Term Length | APR as low as | Monthly Payment |
| 0-4 | 10% | $127.61 |
| 4-8 | 10% | $64.87 |
| 8-12 | 10% | $43.96 |
| 12-24 | 10% | $23.07 |
Can You Get a Bad Credit Loan in Atlanta?
It’s possible to get a loan in Atlanta with bad credit if you can show proof of your ability to make timely payments. Many lenders have flexible credit requirements, so you could qualify by meeting other criteria.
What Can You Use an Installment Loan in Atlanta For?
These are some common reasons people take out installment loans in Atlanta:
| Home Improvement You could use a personal installment loan to repair or improve a home. | Credit Card Debt Consolidation Personal loans are a great option for consolidating credit card debt. | Medical Costs Medical costs can be covered with a personal installment loan. |
| Car Repairs You can get quick funding with a personal loan to repair a vehicle. | Life Events Personal loans can help with unexpected life events, such as a new baby or an illness. | Other Emergency Expenses A personal installment loan can be used for almost any emergency expense. |
How Atlanta Loan Options Work
Here’s how the approval process for Atlanta personal loans works:
| Apply Online Fast & Easy You can apply easily online and submit your application within a few minutes. | Income Verification An online lender can quickly verify your income with only a few key details. | Same-Day Availability Some borrowers may receive funds as soon as the same day, though timing depends on lender processing and bank policies. |
Top Atlanta Loan FAQs
What is an installment loan?
An installment loan is a short to long term financing option that borrowers repay through monthly payments. The eligibility requirements vary depending on the loan type and the lender.
How much can I borrow with a personal loan with bad credit?
Although you may qualify for a personal installment loan with bad credit, the amount you can get depends on the lender. Some lenders offer more money than others, and base loan amounts on your payment ability.
What are the eligibility requirements?
Many lenders prefer applicants with a score above 580, though requirements vary widely. Some lenders focus more on income and repayment ability than credit score. Most lenders also require proof of income, address, and identification.
How quickly can you get funding from a personal loan?
Most personal loan applicants can get funding in as little as one business day. However, timing varies by lender and bank processing.
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References:
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.