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Best Debt Consolidation Loans in South Carolina of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in South Carolina

MoneyGeek studied more than 30 data points to find the best debt consolidation loan lenders in South Carolina. This data included minimum credit scores, origination and late fees, repayment terms, loan amounts, disbursement time, APR ranges and more.

The best debt consolidation loan lender depends on your financial goals. Overall, MoneyGeek’s top choice for South Carolina debt consolidation loan lender is Upgrade. The average credit score in South Carolina is 719, meaning that most applicants will qualify for a loan from this lender. However, Upstart could be a better option if you have bad credit.

Best Overall Debt Consolidation Loan in South Carolina: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Based on MoneyGeek’s research, Upgrade is the best debt consolidation lender in South Carolina. The company launched in 2017 and is currently headquartered in San Francisco, California. Upgrade has offered loans and credit cards to over 15 million customers.

    Upgrade directly pays third-party creditors, which saves you time. This lender requires a minimum credit score of 560 to apply. It also charges an origination fee deducted from the loan amount. If you plan on paying your loan early, Upgrade doesn’t charge a prepayment penalty fee.

    However, Upgrade doesn’t allow co-signers. It may not be the ideal lender for you if you need to consolidate debt amounting to more than $50,000 or if you prefer a lower APR.

    Pros

    • A+ BBB rating
    • Funds disbursed on the same day
    • No prepayment penalty fee
    • Autopay discount
    • Soft credit inquiry

    Cons

    • Charges origination fees
    • Maximum of $50,000 loanable amount
    • Limits on fund usage
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in South Carolina: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist was established in 2019 after a merger between BB&T and Suntrust Banks. Its headquarters are located in Charlotte, North Carolina. Truist serves 15 million clients.

    This lender is ideal for borrowers who are looking to consolidate debt ranging from $3,500 up to $50,000. Borrowers may qualify for a debt consolidation loan from Truist Bank even if they have a low credit score because they don’t require a minimum credit score. Its repayment period ranges from six to 60 months.

    This lender also lets you save since it doesn’t charge origination fees. Better yet, Truist doesn’t charge prepayment penalties or late fees if you plan on paying your loan early.

    On the other hand, Truist may not suit you if you plan on having co-signers on your application.

    Pros

    • No origination, late or prepayment fees
    • A+ BBB rating
    • No minimum credit score
    • Autopay discount
    • Accepts joint loans

    Cons

    • Hard credit inquiry
    • No co-signers
    • Limits on fund usage
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in South Carolina: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart was founded by former Google employees in 2012 and uses artificial intelligence to approve or reject loan applications. It’s currently headquartered in San Mateo, California.

    South Carolina residents with bad credit should consider Upstart because of its minimum credit score of 300. It earned an A+ rating from the Better Business Bureau (BBB) and doesn’t charge prepayment penalties. Upstart also conducts soft credit checks during rate checks so that it doesn’t affect your credit score.

    To qualify for an Upstart loan, borrowers need a debt-to-income ratio of 45% or less and a gross income of at least $12,000. Individuals who prefer mobile banking should consider another lender because Upstart doesn’t offer a mobile app.

    Pros

    • Low minimum credit score
    • No prepayment penalty
    • Performs soft credit check
    • Offers joint loans
    • A+ BBB score

    Cons

    • Late fees
    • Doesn’t accept co-signers
    • Potentially high origination fee
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in South Carolina: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Business students from Stanford founded SoFi in 2011 and have funded over $50 billion in loans. Its headquarters are currently located in San Francisco, California.

    Borrowers with good credit should consider SoFi because of its excellent performance for debt consolidation in South Carolina. The average South Carolina resident has an average credit score of 719, making it easier to qualify for debt consolidation since SoFi requires a minimum credit score of 680. It also offers one of the highest loan amounts in South Carolina at $100,000.

    Additionally, borrowers who prefer mobile banking might want to apply with SoFi since they provide a mobile app. They also offer Unemployment Protection that helps borrowers who lose their jobs.

    Pros

    • A+ BBB rating
    • Offers competitively high loan amounts
    • Soft credit inquiry
    • No origination fee
    • Autopay discount

    Cons

    • Co-signers are not allowed
    • High minimum loan amount
    • Limits on fund usage
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in SC for You

South Carolina residents have around $13,925 of personal loan debt. Debt consolidation combines your outstanding debts, making them easier to pay while simultaneously helping you get a lower interest rate.

If you are searching for debt consolidation loans in South Carolina, know that lenders review your current debts, credit score, employment, proof of income and more. MoneyGeek outlines how to look and shop around for debt consolidation lenders in South Carolina below.

1
Ask Yourself the Important Questions

Before starting your application with any lender, review your current financial standing. Ensure that taking a debt consolidation loan is the best step forward. Answer the following questions to help you determine the best debt consolidation lender for you:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

Shopping around before applying with a specific lender is a good idea. A debt consolidation loan usually takes at least two to four years for borrowers to repay completely. Moreover, other lenders conduct hard credit checks that may affect your credit score. As a result, you may want to review lenders before applying. MoneyGeek created this guide to help borrowers choose the best debt consolidation lender in South Carolina. But, every borrower has different needs, so it’s wise to do your own research.

3
Wait

After picking a debt consolidation lender, wait for a few days before filling out an application. A debt consolidation loan is a big commitment, so you must be 100% sure about your preferred lender. A waiting period gives you ample time to arrive at an objective decision.

4
Read the Fine Print

Borrowers often overlook crucial details about their debt consolidation loans. MoneyGeek suggests that you read the fine print thoroughly to ensure you are aware of critical information like fees. Prepayment penalties, origination fees and late fees significantly lessen your savings and might leave you in deeper debt if you’re not careful. Reading the fine print saves you money in the long run.

5
Apply

When you know you’re sure about your chosen lender and meet their requirements, you can submit your application. During the process, lenders ask for your details like identification, address and proof of income. There are different ways to apply for a loan, including online, over the phone or by visiting a branch. If available, pick the option that’s most convenient for you.

What to Do if You Can’t Get a Debt Consolidation Loan in SC

There are instances when a lender might reject your application. That doesn’t mean that other lenders may decline it as well. You need to figure out why your application got denied. It’s best to ask the lender to know the reasons why they declined your application.

Some of these reasons for rejection may include insufficient income, a low credit score, a lack of employment history or a high debt-to-income ratio.

You could ask your lender for a smaller loan amount or a shorter repayment term. Even if there’s no guarantee, the lender may consider the modified application. As a last resort, you can apply with another lender. But, make sure to correct the issues that led to the rejection of your previous application.

Some borrowers may consider payday loans that don’t have requirements. However, MoneyGeek strongly advises against these. Payday loans are dangerous financial products with short repayment terms and high interest rates.

Calculate Your Monthly Payment

Borrowers pay off debt consolidation loans via monthly installments with interest. Use MoneyGeek’s debt consolidation loan calculator below to find out if you’re financially capable of covering this expense every month.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in South Carolina

For debt consolidation loans, it’s important to check your financial standing before applying. MoneyGeek answered some of the most commonly asked questions about debt consolidation loans in South Carolina.

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

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen in your best interests. Our loan recommendations and expert tips help you make smart financial decisions when choosing a lender that meets your needs.

sources
  • Better Business Bureau. "LightStream." Accessed June 29, 2022.
  • Better Business Bureau. "SoFi." Accessed June 29, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 29, 2022.
  • Better Business Bureau. "Upstart." Accessed June 29, 2022.
  • SoFi. "About Us." Accessed June 29, 2022.
  • Truist. "Personal Loans." Accessed June 29, 2022.
  • Upgrade. "About Us." Accessed June 29, 2022.
  • Upstart. "Overview." Accessed June 29, 2022.
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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.

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