Best Loans for Bad Credit in South Carolina for 2024

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Reviewed byAlvin Yam, CFP
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Updated: April 10, 2024

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Happy Money is the best personal loan lender for bad credit in South Carolina, with a MoneyGeek score of 93 out of 100. It stands out for its credible and transparent practices, quality customer service, and quick application and approval process. As the runner-up, Avant receives a MoneyGeek score of 93 out of 100 and is recognized for its exceptional loan terms and flexibility, swift application and approval process, and strong customer service.

To find the best options for consumers with bad credit, MoneyGeek reviewed four personal loan lenders in South Carolina that set and disclosed their minimum credit score requirements between 580 and 640. While the best and runner-up lenders are notable for their features, potential borrowers may also consider South Carolina Federal Credit Union, South Carolina State Credit Union and SPC Credit Union for local services that could meet their needs.

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Calculate Your Monthly Loan Payment in South Carolina

In South Carolina, the average new account balance for personal loans is $5,293, as reported in TransUnion's Credit Industry Snapshot. Personal loans are typically repaid in fixed monthly installments over a set period. The amount you pay each month will depend on the loan's interest rate, term and balance.

Accurately calculating your monthly payments is beneficial for individuals with bad credit to ensure affordability and avoid further financial strain. To estimate your loan payments, consider using MoneyGeek's personal loan calculator.

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Best Bad Credit Loans by Credit Score in South Carolina

South Carolina's average credit score of 699 is below the national average of 715, according to Experian data.

A bad credit score doesn't necessarily prevent you from obtaining a personal loan. Lenders in South Carolina may consider applicants with lower credit, though they often apply higher interest rates and offer less advantageous terms. Review the table provided to identify personal loan lenders in South Carolina that align with your credit score bracket.

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What to Do if Your Loan Application Is Denied in South Carolina

It's not uncommon to face a personal loan application denial in South Carolina, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances of approval for future applications.

1

Find out the reason for the denial

If your loan application gets denied, it might be because of a poor credit score, a high debt-to-income ratio, low income or errors in your application. Review the lender's reasons to pinpoint areas for improvement and reduce the chances of future denials.

2

Modify your loan terms

Consider asking your lender to change the loan amount or repayment terms. Adjustments may help meet the lender's approval criteria.

3

Find another lender

Lenders have diverse criteria for loan approval. It's worth shopping around, considering different factors to identify the right lender for your financial situation and credit history.

  • Eligibility requirements: Different lenders have unique requirements for credit scores, income levels, debt-to-income ratios and employment history. Familiarize yourself with these to find a lender that aligns with your financial profile.
  • Interest rates: Seek lenders offering competitive interest rates, which is especially beneficial if you have a less favorable credit history.
  • Additional fees: Some lenders may charge fees such as origination, late and prepayment fees. Be aware of these potential costs, which can add to your expenses, particularly with bad credit.
  • Loan terms: Loan terms vary across lenders. Understand the impact of short vs. long repayment periods on your finances.
  • Customer service and reputation: Evaluate the lender's customer assistance and overall reputation, which can influence your borrowing experience.
4

Look for alternatives

Besides personal loans, explore other options such as secured loans, credit builder loans or borrowing from friends and family, as these may offer more favorable conditions for individuals with bad credit.

5

Improve your credit score

Working on improving your credit score can increase the likelihood of loan approval in the future. Regularly pay bills on time, keep credit card balances low and avoid opening unnecessary new credit lines.

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EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in South Carolina

When shopping for personal loans in South Carolina, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

The best personal loan lender for bad credit in South Carolina is Happy Money, with a MoneyGeek score of 93 out of 100.

The lenders with the lowest starting APR for personal loans in South Carolina are Achieve and Prosper, offering rates as low as 8.99%. Typically, only borrowers with excellent credit will secure this rate.

The lender with the lowest minimum credit score requirement for personal loans in South Carolina is Avant, with a minimum credit score of 580.

The time it takes to get a bad credit loan in South Carolina will depend on the lender. Some lenders offer same-day funding, while others may take up to a week.

You can pay off your loan early in South Carolina. However, always check with your lender about potential prepayment penalties.

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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.