Best Low-Income Loans in South Carolina: Top Lenders and Rates for 2024

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in South Carolina

MoneyGeek reviewed more than 30 data points, including interest rates, terms, loan amount ranges and many other features, that a certain lender has to offer. We assigned each company our own score and compared it against other lenders that offer low-income loans in South Carolina.

Based on our research, Upgrade and Lending Club are the best lenders in South Carolina, as they offer flexible loan amounts, competitive interest rates, manageable repayment periods and fast disbursement. Upstart may be a good option for those with bad credit, whereas Prosper is an ideal choice for those with good credit.

Best Overall Low-Income 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

    Upgrade is a financial technology company that offers various financial solutions, including rewards checking accounts, savings accounts, auto loan refinancing and personal loans. In addition to the mobile app that allows customers to manage their accounts, Upgrade’s website also provides various financial resources to help consumers understand more about credit health.

    Upgrade personal loans can range up to $50,000 and are subject to an APR of 5.94% to 35.47%. Enrolling in autopay helps you get an even lower rate. Once approved, funds are sent either directly to your bank or a designated account on the same day.

    There are no prepayment penalties if you choose to pay your loan before its maturity date. However, one of the drawbacks of an Upgrade personal loan is its origination fee, ranging from 1.85% to 8.99% of the total loan amount.

    Pros

    • No prepayment penalties
    • Autopay discount
    • Low minimum APR
    • Broad range of repayment term options

    Cons

    • High maximum APR
    • Moderate credit score requirement
    • High origination fees
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in South Carolina: LendingClub


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    LendingClub loan amounts range from $1,000 to $40,000, with APRs ranging from 7.04% to 35.89%, repayable in 36 to 60 months. As with most personal loan lenders, you can get the lowest interest rates by having excellent credit.

    Checking your rates with LendingClub does not affect your score, as the lender conducts a soft credit pull during the initial loan application. It also allows co-borrowers and joint applications, which means low-income borrowers in South Carolina will have a better chance of getting their applications approved.

    Funds borrowed from LendingClub can be used to repay your high-interest credit cards, consolidate multiple debts or pay for unexpected home repairs and medical bills. However, borrowers planning to use the funds on investments and funding postsecondary education may want to look at other options, as LendingClub forbids its loans from being used for these purposes.

    Pros

    • Low loan minimum
    • No prepayment fees
    • Allows co-borrowers
    • Pays creditors directly for debt consolidation

    Cons

    • Fund usage restrictions
    • Origination fees of 3% to 6%
    • High APR range
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    LendingClub

Best Low-Income 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

    Low-income borrowers and those with bad credit have a greater chance of qualifying for a personal loan because of Upstart’s model, which looks at other factors, like education and employment. This gives low-income borrowers a better chance of getting approved than when applying to a lender that uses a traditional model that focuses on credit scores.

    Upstart is a leading artificial intelligence lending marketplace that offers unsecured personal loans ranging from $1,000 to $50,000. It conducts a soft credit pull, which means you can check rates without affecting your credit score. It charges no prepayment penalties in case you plan to pay off your loan before the agreed period.

    This lender only offers two different repayment term options. It also doesn’t allow co-signers or joint loan applications. It also comes with a one-time origination fee, which is up to 10% of the loan amount.

    Pros

    • No prepayment fees
    • Soft credit inquiry
    • Low minimum credit score
    • Low baseline APR
    • $1,000 loan minimum

    Cons

    • Only two repayment term options
    • High maximum APR
    • Origination and late payment fees
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Low-Income Loan for Good Credit in South Carolina: Prosper


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Founded in 2005, Prosper facilitates a peer-to-peer personal loan lending platform, helping more than one million borrowers with over $22 billion in funding. Borrowers can get up to $40,000, repayable in 36 to 60 months.

    Prosper’s funds can be used for various purposes, including debt consolidation, home improvement, health care financing, household expenses and more. You can access the funds on the same day your loan is approved.

    You can check your rate without having to affect your score, as it conducts a soft credit pull during the initial application. However, Prosper requires a minimum credit score of 640 to qualify. It also charges origination and late fees.

    Pros

    • No prepayment penalties
    • Allows co-applicants
    • Soft credit pull
    • Flexible repayment terms

    Cons

    • Charges origination fees
    • Late payment fees
    • High credit score requirement
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in South Carolina for You

Earning a low income makes it difficult to qualify for a personal loan. The average credit score in South Carolina is 693 — if you have a score at or above this level, you stand an excellent chance of being approved for a low-income loan with favorable terms.

In this section, we’ll guide you through the steps that every borrower should go through when deciding whether to take out a personal loan.

1
Ask Yourself the Important Questions

A financial emergency is one of the common reasons to take out a personal loan. Before applying for one, you must weigh the benefits and risks of getting a personal loan. It can be a good idea to ask yourself the following questions:

  • How much funding do you need? Borrowing more than you need can result in even more debt. Borrowing less will leave you looking elsewhere for more money.
  • What’s your credit score? Low-income lenders in South Carolina enforce a certain credit score requirement to determine a lender’s creditworthiness. You can still get a personal loan with bad credit or personal loans for incomplete credit. However, borrowers with higher credit scores are more likely to get the best APR offers.
  • Can you afford the monthly payments? Knowing the monthly payments you must make on your personal loan gives you a ballpark idea of whether you can afford to take out a loan.
  • Do you have existing debts? When it comes to approving loans, low-income lenders in South Carolina also look at someone’s debt-to-income ratio. If you have too much existing debt, you won’t be approved.
  • Is your debt manageable through other means? Other than a personal loan, you may have other options, such as using a credit card or personal line of credit.
2
Do Your Research

MoneyGeek provides various resources that guide you in finding the best personal loan for your situation. However, our recommendations are general and may not suit your specific needs.

3
Wait

Don’t feel in a rush to apply immediately. Once you’ve done your research and selected the low-income lender in South Carolina that you think matches your profile, it’s best to wait for a day or two before making a decision.

4
Read the Fine Print

Aside from the monthly payments, personal loans are also subject to origination, late payment and prepayment fees — all of which you can check in the fine print. Ensure that you know all the possible charges on your personal loan before signing any agreement.

5
Apply

Once you have thought it over and reviewed the fine print, you may start compiling financial documents to present to your lender as you finalize your application. You can usually complete the application online, but you can also call or visit your lender.

What to Do if You Can’t Get a Low-Income Loan in South Carolina

Having a low income can make it difficult to qualify for a personal loan. In addition to insufficient income, personal loan lenders in South Carolina may reject applications for various other reasons, such as having a low credit score.

In case you submit a loan application and get rejected, you may be able to modify the loan amount or repayment terms to make your application acceptable to the lender.

You should always ask your lender why you were rejected. This can tell you whether you can adjust your application to make it more appealing or re-apply after improving the factor that caused you to be denied in the first place. Knowing why a specific lender has denied your application also improves your approval odds with other lenders.

MoneyGeek cautions borrowers against payday loans, as these have extremely high interest rates and short payback periods that can make your financial situation much worse.

Calculate Your Monthly Payment

Personal loans are paid back in fixed monthly installments, which include the loaned amount plus interest. Calculating your monthly payments could help you figure out whether you can afford a personal loan. Simply input your details into our tool to get an estimate.

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

FAQs About Low-Income Loans in South Carolina

The best low-income loan lender in South Carolina depends on your specific financial needs. The answers to these commonly asked questions will help develop your understanding of personal loans in South Carolina.

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

Methodology

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METHODOLOGY

Using 35 distinct data points in six categories — loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency — MoneyGeek analyzed more than 30 personal loan lenders.

When selecting a personal loan lender, we factor in the individual points that we feel carry the most weight in every category, including APR ranges, available loan amounts, minimum income, application fees and disbursement times.

We at MoneyGeek place a high value on you, the consumer, so we also reviewed each lender’s customer support, business ratings and additional features. We concluded that prequalification, expanding payment methods and developing mobile apps will make every consumer’s experience easier and more accessible.

Our personal loan recommendations and expert advice are developed after careful consideration and calculation with your best interests in mind. We want to help you choose a lender that will best meet your needs and help you make responsible financial decisions.

sources
Shield Insurance

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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