Best Personal Loans in South Carolina for 2024
Updated: April 11, 2024
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MoneyGeek's analysis examined each lender's reputation, APR ranges, credit score requirements, and loan term flexibility to rate South Carolina lenders. Our top pick, First Tech, has a MoneyGeek score of 97 out of 100. It shines with outstanding customer service and low fees. PenFed, our second-best lender, has a MoneyGeek score of 96 out of 10. It is recognized for flexible payments and emphasizes borrower support.
In South Carolina, the average credit score is 699, and having a credit score near this average means you can potentially get loans with favorable terms. Lenders also assess your income history and debt-to-income ratio when obtaining a loan.
- First Tech
- 97MoneyGeek Score
- 9.29% to 14.09%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
MoneyGeek recommends First Tech as the best personal loan lender in South Carolina, with a MoneyGeek score of 97 out of 100. Offering an APR ranging from 9.29% to 14.09%, First Tech's rates are notably lower compared to other lenders — optimal for borrowers seeking cost-effective options. Its repayment terms span 24 to 84 months, flexible enough to accommodate various financial plans. Excelling in customer service and education, as well as in interest rates and fees, First Tech ensures clear, upfront information and a broad spectrum of educational resources.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Lots of educational resources available for consumers
- In-person appointments available in certain states (CA, CO, GA, ID, MA, OR, TX, WA)
Cons
- Need to be a member to apply
- Could provide more detail on the loan application process
- Little published information about credit score requirements
Overall Best Personal Loan Lender in South Carolina
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is MoneyGeek's runner-up for the best lender for personal loans in South Carolina, with a MoneyGeek score of 96 out of 100. Offering an APR range of 7.99% to 17.99%, PenFed's average rate is competitive, and its repayment terms are more favorable than many, with loans up to 60 months. Excelling in reputation and transparency, as well as rates and fees, PenFed provides customers with clear upfront information and affordable loan products.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- No origination fee
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
- Only available in 21 states
Runner-Up for Best Personal Loan Lender in South Carolina
Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.
— Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.
- Happy Money
- 93MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
With a MoneyGeek score of 93 out of 100, Happy Money is MoneyGeek's pick for the best personal loan provider for borrowers with low credit in South Carolina. Partnering with 10 federally insured financial institutions to originate loans, this provider stands out, especially for those with a minimum credit score of 640. Its APR range, from 11.72% to 17.99%, is competitive. Noteworthy strengths include an exceptionally transparent approach, allowing customers to comprehend its processes, rates and loan terms readily, and a consumer-friendly application process, which is streamlined and user-oriented.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders they work with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in South Carolina for Bad Credit
- Alliant Credit Union
- 95MoneyGeek Score
- 11.49% to 14.49%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Alliant Credit Union is MoneyGeek's pick for the best personal loan provider for debt consolidation in South Carolina. Alliant operates entirely online, and applicants must maintain membership for 90 days to qualify for a loan. With a MoneyGeek score of 95 out of 100, Alliant offers competitive APRs from 11.49% to 14.49%, which are on the lower end when compared to other providers analyzed. Notably, Alliant excels in providing transparent and upfront information to consumers and offering competitive rates and fees, enhancing the customer borrowing experience.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No prepayment penalties
Cons
- An online-only credit union, no physical branches
- Have to be a member for 90 days to apply
Best Personal Loan Lender in South Carolina for Debt Consolidation
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in South Carolina
As you consider a personal loan in South Carolina, remember that lenders assess your creditworthiness, particularly your credit score, credit history and debt-to-income ratio. This is how they determine your loan terms, including your APR. Enhancing your credit score before applying for a loan is critical, as a higher credit score can significantly improve your loan terms.
Refer to the accompanying table to see how different credit scores may affect your monthly loan payments.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in New Jersey
Personal loans offer many advantages, such as lower interest rates than credit cards, the ability to consolidate multiple debts into a single payment and the versatility to cover various expenses, from unexpected costs to home improvements. However, it's important to know the potential drawbacks, like origination fees or prepayment penalties.
Consider the full spectrum of factors before proceeding for a balanced view on personal loan benefits and drawbacks.
FAQ About Personal Loans in South Carolina
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, First Tech is the best lender in South Carolina for personal loans, with a MoneyGeek score of 97 and an average APR of 12%.
The best places to get a personal loan in South Carolina are online lenders, banks and credit unions. For those preferring in-person services, local credit unions such as South Carolina Federal Credit Union, South Carolina State Credit Union and SPC Credit Union offer personal loans.
PenFed offers some of the lowest personal loan interest rates in South Carolina, starting at 7.99% according to MoneyGeek's analysis. However, the best rates for an individual may vary based on their needs and financial circumstances, and obtaining a low rate usually requires an excellent credit score.
In South Carolina, you can generally use personal loans for a variety of needs such as emergency circumstances, vacation or travel, and home or auto repair. However, they typically can't be used for college tuition or illegal activity, as these are restrictions by lenders.
When considering personal loans, potential red flags include high APRs, lack of transparency about the loan originator and its federal insurance status and negative consumer reviews. Additionally, be wary of applications that do not verify identity or income.
Yes, income level is considered by lenders along with other factors such as debt-to-income ratio, credit score, employment history and credit history. It's important to manage new credit lines carefully as they can affect your eligibility for a personal loan.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 5, 2024.
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.
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