What is the best personal loan lender in South Carolina?

Truist was rated as the top personal loan lender in South Carolina. This rating was based on MoneyGeek’s in-depth analysis of numerous lenders in the state. However, keep in mind that the ideal lender for you may differ depending on your individual circumstances as a borrower.

Which lender in South Carolina has the lowest interest rate?

Upstart is the lender in South Carolina with the lowest interest rate. It’s lowest offered rate is 3.22%.

Can I use a personal loan for vacations in South Carolina?

Yes, you can generally use a personal loan for almost anything, including vacations. However, MoneyGeek advises discussing this with the lender since certain lenders may set restrictions on how the money can be used.

Can I use a personal loan for home improvement in South Carolina?

Personal loans in South Carolina can be used to finance home improvements. MoneyGeek named Best Egg as the ideal option for borrowers who want to fund their home renovation needs.

What can I not use my personal loan for in South Carolina?

A personal loan can be utilized for a wide variety of purposes, but some lenders do not allow it to be used for investments, college tuition payments, gambling or other fraudulent activities. Some lenders will inquire about your plans for the money, while others will just want to ensure that you can repay it.

How much can I borrow in South Carolina?

Depending on your needs and circumstances, each lender has its own qualifying rules. Lenders consider various factors when determining how much money to lend you and what interest rate you'll pay. Generally, you can find personal loan lenders that are willing to loan up to $100,000.

How long does it take to get a personal loan in South Carolina?

Personal loans in South Carolina often take one to seven days to fund, depending on the bank and whether you have an account with them. Banks like Truist can deliver funding the same day, while SoFi can take up to a week.

Can I pay off my loan early in South Carolina?

You may have heard that paying off your loan as early as possible might help you save money in the long run. This is frequently the case. While the majority of personal loan lenders do not charge you a fee for paying off your loan early, some may charge you a prepayment penalty if you do. Talk to your lender to find out if they charge any early payment penalties.

Top Lenders & Best Picks for You

Best Personal Loans in South Carolina

Truist provides the best personal loans in South Carolina. It doesn’t charge origination fees, prepayment penalties or late fees. Truist earned an A+ BBB rating and provides a mobile app for convenient banking and account management.

Borrowers in South Carolina with bad credit will fare best with Upstart, while those with good credit should consider SoFi. Upgrade is the best lender for debt consolidation, and Best Egg provides the best personal loans for home improvement.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in South Carolina
The Best Personal Loan Lender for Bad Credit in South Carolina
The Best Personal Loan Lender for Good Credit in South Carolina
The Best Personal Loan Lender for Debt Consolidation in South Carolina
The Best Personal Loan Lender for Home Improvements in South Carolina
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in South Carolina
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in South Carolina

MoneyGeek’s Best Personal Loan Lender in South Carolina: Truist

MoneyGeek evaluated over 30 factors to identify the best personal loan lenders in South Carolina, taking into account considerations like loan amount, interest rates and payback durations. Other factors like minimum credit score, gross income and age restrictions were also analyzed to see how they would affect your chances of getting approved.

MoneyGeek even explored account features that make it easier for you to manage your personal loans, such as mobile apps or other website features. Based on our research, we identified different lenders that best fit different borrower profiles.

Best Overall Personal Loan Lender in South Carolina: Truist

Truist
- 8.14% to 18.99%APR Range
- NoneMinimum Credit Score
- $3,500 to $50,000Loan Amount Range
- 6 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Truist Bank was formed through the merger of BB&T (Branch Banking and Trust Company) and Atlanta-based SunTrust, now the tenth-largest bank in the United States with assets of $516.78 billion as of September 2021.
Truist gives customers who have a dynamic business checking account an interest rate reduction on small company financing products. Meanwhile, South Carolina residents with decent credit should have no problems getting approved.
Truist offers various advantages, such as payback durations ranging from six to 60 months. You can borrow $3.500 to $50,000. If you get a loan from Truist, you won't have to worry about processing costs because they don't charge origination fees.
Pros
A+ BBB rating
No origination, prepayment and late penalty fees
0.5% autopay
Joint loans available
Offers mobile app to manage your loans

Cons
Conducts hard credit inquiry
No co-signers allowed
Prequalification not available
APR range: 8.14%–18.99%
Minimum/maximum loan amount: $3,500–$50,000
Minimum credit requirements: None
Repayment terms: Six–60 months
Time to receive funds: Next day

Best Personal Loan Lender 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
Upstart was formed in 2012 with the goal of automating the borrowing process using artificial intelligence and machine learning. It aims to price credit effectively by taking into account your work, income, education and other crucial characteristics in addition to your credit score.
Upstart operates a direct-to-consumer lending platform where borrowers can apply for personal loans online. It also sells its technology to banks and credit unions. If you need a personal loan in South Carolina but are working on improving your credit, Upstart may be a good fit. A credit score of 300 is all that is required.
However, unlike some other lenders that allow you to borrow up to $100,000, Upstart only allows you to borrow $50,000.
Pros
Accessible to borrowers with fair credit
A+ BBB rating
Low interest rates at 3.5%
Next day funding
Offers prequalification with a soft credit check

Cons
$15 late fee
May require an 8.0% origination fee
No available mobile app
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in South Carolina: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi is the top lender for people with good credit, according to MoneyGeek. A minimum credit score of 680 is required. SoFi is a great personal loan choice for people who have good to excellent credit.
The loan amounts offered by SoFi range from $5,000 to $100,000. The minimum and maximum sums are higher than those offered by other lenders in the same category. If you need a larger personal loan in South Carolina, SoFi might be a decent option. However, if you only need a modest sum, you might be able to find a better lender.
Customers with terrible to fair credit may not find the lender to be the best option. SoFi's one-week funding time can be a disadvantage if you need money immediately.
Pros
A+ BBB rating
No origination fees, prepayment penalties or late fees
Conducts soft credit inquiries
Online application
0.25% auto payment discount

Cons
No in-person support
No co-signers
High minimum income requirement
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

Best Loan Lender for Debt Consolidation 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
Despite Upgrade being a relatively new bank in the South Carolina personal loan scene, over 15 million people have applied for its personal loans or credit cards since 2017. It offers unsecured personal loans with durations ranging from 36 to 60 months and a range of loan amounts from $1,000 to $50,000.
Upgrade's loans, which can be disbursed in as little as one business day, are ideal for those who are experiencing an urgent financial need. It's a fantastic option to use your personal loan in South Carolina to consolidate debt. However, you won't be able to use your loan for numerous purposes like investing in and paying for post-secondary education.
Although the loan amount is limited to $50,000, you must have a credit score of 560 to be considered, which implies that even people with bad credit may be eligible for personal loans from the company.
Pros
A+ BBB rating
1% autopay discount
Quick access to funds
Easier to qualify with poor credit
Conducts soft credit inquiries

Cons
Charges origination and late fees
Loans available only up to $50,000
Doesn’t allow co-signers
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Loan Lender for Home Improvement in South Carolina: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg is an online lending platform that offers personal loans. If you need personal loans in South Carolina to finance home improvements, Best Egg may be the right lender for you. According to MoneyGeek, Best Egg came out on top in this category.
The loan amounts range from $2,000 to $50,000. Best Egg loans are normally funded within one to three days. The lender is not the greatest option for every borrower because if your credit score is less than 700 and you do not meet the yearly gross income requirement of $50,000, you will not be approved for a loan.
Pros
A+ BBB rating
Quick access to funds next day
No prepayment penalty
0.5% autopay discount
Conducts soft credit inquiry

Cons
Doesn’t accept co-signers
Charges origination and late payment fees
Higher minimum credit requirement
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in South Carolina for You

Taking out a personal loan in South Carolina is a significant financial commitment. The average personal loan debt in South Carolina is $13,925. A variety of factors influence the approval of personal loan applications.

MoneyGeek outlines considerations to help you make wise decisions when applying for a personal loan in South Carolina. Follow these steps throughout your loan application journey.

Ask Yourself the Important Questions

You must consider the following questions before applying for a personal loan in South Carolina:

How much money do I need? Evaluate exactly how much money you need to ensure you choose a lender that can meet those needs.
What's the current state of my credit? Almost all lenders review your credit score and report since it provides information about how you manage borrowed funds. A bad credit history means you're more likely to default.
Is it possible for me to pay the bill on a monthly basis? If you can't make payments on time, you'll be charged late fees and your credit score will suffer. Keep in mind that you must make monthly installments for two to four years.
Are there any outstanding bills on my account? If you have other debts to pay off, adding another loan to your list may not be the greatest option.

Do Your Research

Make a point of researching fees and terms that will affect you in the long run. MoneyGeek suggests the best lenders for a variety of situations, but you must conduct your own research as well.

Some lenders impose restrictions on how you can use your loan, so make sure you can use the money as needed. Get estimates on your monthly payments to figure out how much you'll have to spend each month. You can also compare rates from several lenders to see which one provides the greatest deal for your needs.

While your situation is unique, our research might be able to help you better understand the considerations to obtain the best personal loan in South Carolina.

Wait

Once you think you know which company you want to apply with, wait a few days before applying. This will give you the time to really think through your financial needs and if a personal loan is the right option for you. It’s possible you might be able to come up with a different solution to fulfill your financial needs.

Read the Fine Print

Personal loans can be a powerful financial tool. They're a great method to pay off high-interest debt, fund a home improvement project or fulfill other financial responsibilities. Even so, there are a few things to keep an eye out for, including origination fees, requirements and even personal loan scams.

Read the fine print of any loan you are considering and highlight parts that seem ambiguous or confusing. Signing a contract without thoroughly understanding it is like paying for something without knowing what you're getting. Remember that reading the fine print is essential for ensuring you don’t incur unexpected fees that can further derail your finances.

Apply

It's time to apply for a personal loan in South Carolina once you've narrowed down your options. Gather the information you need to apply, like your identification, proof of income and anything else the lender requires. You can apply online, in person or over the phone depending on the application options the lender offers. If you can apply in person, that can be the best option since you can get any additional questions you have answered.

What to Do if You Can’t Get a Personal Loan in South Carolina

It’s common for personal loans in South Carolina to be denied for a variety of reasons. If your loan application was turned down, it's critical to figure out why. Call your lender and ask for an explanation. After you've figured out what went wrong, you can make efforts to enhance your odds of approval.

Some typical causes for having a loan declined are a low credit score, high debt-to-income ratio or insufficient income. It's also probable that you omitted information or made a mistake on your loan application. If this is the case, MoneyGeek suggests you speak with your lender about resolving the problems.

Focusing on boosting your profile by leveraging the information provided by your lender is usually more advantageous than simply applying with a different lender. However, in situations where you either cannot persuade them to modify their decision or if you urgently need the money, you could look for a loan from another company.

MoneyGeek advises avoiding payday loans. These are short-term loans that can help you receive cash quickly, but the interest rate is quite hefty and the repayment period is short.

Frequently Asked Questions About Personal Loans in South Carolina

Whether you're taking out a personal loan to consolidate debt, finance a home improvement or support your next big trip, it's crucial that you have a clear repayment plan. MoneyGeek answers some of the most frequently asked questions about personal loans in South Carolina to help you decide which lender is best for you.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Best Egg. "Getting a Best Egg Personal Loan is as easy as 1-2-3." Accessed March 8, 2022.
Goldberg, M. "The 15 largest banks in the US." Accessed March 8, 2022.
SoFi. "Low rates. No fees. Personal loans made easy." Accessed March 8, 2022.
Truist. "Personal loans." Accessed March 8, 2022.
Upgrade. "Personal Loans up to $50,000." Accessed March 8, 2022.
Upstart. "5 reasons to apply for an Upstart personal loan." Accessed March 8, 2022.
Upstart. "Get a smarter loan." Accessed March 8, 2022.

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.