Best Low-Income Loans in South Carolina: Top Lenders and Rates for 2023

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

• 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

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

• 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

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

• 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

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

• 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