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

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Edited byScott Strandberg

Updated: December 28, 2023

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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

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

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Best Low-Income Loan for Bad Credit in South Carolina: Upstart

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

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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.

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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.

Overall, the best low-income loan lender in South Carolina is Upgrade, followed by LendingClub. Prosper offers the best loans for borrowers with good credit. On the other hand, Upstart has lower credit score requirements that may qualify borrowers with bad or incomplete credit.

Upstart has the lowest starting APR in South Carolina.

Fund usage restrictions vary across lenders. However, certain usages are typically restricted, such as using the personal loan fund on investments, postsecondary education or any illegal activity.

Personal loan funds in South Carolina for consolidating debt usually vary from $1,000 up to $50,000, depending on the lender.

Most lenders release the funds as soon as the next business day upon loan approval. However, multiple factors can affect the length of time before your funds are released, and some lenders take up to a week.

Yes. Borrowers can choose to pay off the loan in full earlier than the agreed repayment period. However, some lenders may impose a prepayment fee when you do so.

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.

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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.