Best Loans for Bad Credit in South Carolina for 2024
Updated: April 24, 2024
Advertising & Editorial Disclosure
Happy Money is the best personal loan lender for bad credit in South Carolina, with a MoneyGeek score of 94 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 92 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.
- 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
Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in South Carolina, with a MoneyGeek score of 94 out of 100. This fintech company partners with federally insured lenders by the National Credit Union Administration (NCUA) to originate loans. With a minimum credit score of 640, it offers loan amounts ranging from $5,000 to $40,000; funds are often available the next day. Happy Money directly pays creditors and offers flexible repayment terms. However, it exclusively provides loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Flexible repayment terms from 24 to 60 months
- Lower maximum APR than competitors
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in South Carolina
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in South Carolina, with a MoneyGeek score of 92 out of 100. Avant works with WebBank, a state-chartered, member FDIC bank, to originate personal loans. It offers loan amounts ranging from $2,000 to $35,000 and requires a minimum credit score of 580, with the possibility of receiving funds as early as the next day. Avant does not charge a prepayment penalty and features flexible repayment terms from 12 to 60 months. However, it charges an administration fee of up to 9.99% and has late and dishonored payment fees.
Pros
- Doesn't charge a prepayment penalty
- Flexible repayment terms from 12 to 60 months
- Offers next-day funding
Cons
- Charges an administration fee of up to 4.75%
- Has late fees and dishonored payment fees
- Doesn't allow co-signers or joint applications
Runner-Up for Best Bad Credit Loan Lender in South Carolina
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.
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.
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.
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.
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.
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.
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.
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.
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 94 out of 100.
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.
sources
- Experian. "What Is the Average Credit Score in the US?." Accessed April 10, 2024.
- TransUnion. "Credit Industry Snapshot." Accessed April 10, 2024.
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.