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Best Debt Consolidation Loan Lenders in South Carolina

In South Carolina, residents incur various kinds of debt throughout their lifetime. The average credit card debt in the state is $5,523, while the average personal loan debt is $13,925, with an average interest rate of 10.41%. If you want to pay multiple debts simultaneously, a debt consolidation loan combines your monthly payments and helps you secure a lower interest rate. When applying for a debt consolidation loan, lenders evaluate your credit score, debt-to-income ratio and income. Here are MoneyGeek’s top choices for the best debt consolidation loan lenders in South Carolina.

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Last Updated: 9/9/2022
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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

    on Upgrade Website

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

    on Truist Website

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

    on Upstart Website

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

    on SoFi Website

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.

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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.

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.