Best Personal Loans in South Carolina for 2024

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Reviewed byAlvin Yam, CFP
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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.

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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

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®

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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.

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

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.

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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.

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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.

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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.