Best Personal Loans in South Carolina

Loan companies in South Carolina offer financing in-person and online, and it may be possible to access up to $50,000 or more depending on your income and goals. With the average credit score in South Carolina coming in at 675, most residents of the state could even qualify for personal loans for good credit with the best rates and terms. As you compare loans in SC, make sure you find a lender that offers the loan amount you need with rates and terms you can live with.

Because personal loans can have a major impact on your finances, you'll want to compare lenders and loan options side-by-side. You'll also want to compare your rates across multiple lenders to ensure you’re getting the best deal based on your credit history and financial situation. Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best loans in South Carolina available today. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.

Best Personal Loans in South Carolina - Full Overview 

Whether you're in the market for loans for good credit or you're hopeful you'll find no credit check loans in South Carolina to choose from, here's an overview of the best financing options available in the state.

Main Features of The Best Personal Loans in South Carolina

How to Choose the Best Personal Loans in South Carolina?

The best installment loans in South Carolina come with the lowest interest rates and fees possible, but they are also incredibly flexible. This means you get the chance to select your repayment term and your monthly payment amount upfront so it fits in well with your budget and lifestyle. 

We used Finimpact’s rating methodology to rank lenders on the following criteria:

• Loan Features: Look at each lender side-by-side and compare them based on loan terms, loan amounts, and loan use limitations.
• Interest rates and fees: It's crucial to compare lenders based on their interest rates and fees, including hidden fees like origination fees or prepayment penalties. 
• Application process: Make sure to compare lenders based on how much information they need from you when you apply, whether you'll get a hard-pull or soft-pull credit score impact, funding time, and more.
• Qualification process: Consider factors such as a minimum credit score, income requirements, co-signer/joint application optionality, or membership requirements before you apply.
• Customer support: Make sure you understand what kind of customer service options are available, including whether you have the option to call the lender or get questions answered via online chat. 
• Online user reviews: Read user reviews on independent review sites like Trustpilot to gain insights into the experiences of previous customers.
• Perks and Bonuses: Consider specified service offerings like payment flexibility, unemployment protection benefits, and advanced technology. For example, lenders with a mobile app may be more convenient to work with when it comes to monitoring your balance and making payments.

Reasons to Get a Personal Loan in South Carolina?

There are many reasons to consider getting a personal loan, and that's just as true in South Carolina as it is in any other state. Here are some potential reasons this type of funding can make sense:

• College tuition and fees: A personal loan can fill in the funding gaps after financial aid and student loans have been utilized for higher education.
• Debt consolidation: Use a personal loan with a fixed interest rate and monthly payment to consolidate high-interest debts from credit cards.
• Dream weddings: Finance your southern dream wedding and pay it off with a fixed interest rate and set monthly payment over several years.
• Home improvement projects: Remodel your kitchen, hurricane-proof your home, or add on another bedroom in your house to create more space.
• Just in case: It never hurts to have access to a personal loan or line of credit so it's there when you need it. 

How to Get a Personal Loan in South Carolina?

The best loans in SC typically come from online lenders, although you may find the lender you're considering offers branches you can visit in person as well. The steps below can help you get the funding you need either way.

• Step 1: Run some preliminary numbers. Decide how much you want to borrow and use a loan calculator to see how much your monthly payment might be.
• Step 2: Compare lenders. Look at the best personal loan companies in South Carolina to see which ones might be a good fit for your desired loan amount and credit rating.
• Step 3: Check your rate online and without a hard inquiry. This step can help you compare rates across multiple lenders so you can get the best deal.
• Step 4: Check for fees and fine print. Look closely at loan terms and watch out for origination fees, prepayment fees, and other hidden fees.
• Step 5: Apply for a loan. Find the best personal loan you are eligible for, and move forward with an online application.
• Step 6: Fill out your personal details. Share details like your full name, contact details, Social Security number, and employment data during the loan application process.
• Step 7: See if you're approved. Receive notification that your personal loan application has been approved, which can take as little as a few hours.
• Step 8: Wait for funding. Receive your loan funds electronically in your bank account, which can happen as soon as the same day.
• Step 9: Start making payments according to the plan. Begin making on-time payments on your loan in order to increase your credit score over time.

Interest Rates of Personal Loans in South Carolina

The interest rates you'll pay for loans in SC depend on your credit score, your income, and other factors. However, you may also pay lower rates based on the type of lender you apply with. The chart below shows the average rates you can expect to pay across traditional banks, credit unions, and online lenders.

How to Deal with Concerns About Your South Carolina Lender

If you borrowed money in South Carolina and ran into trouble or you had a bad experience with a lender when you applied, there are resources available to help you. In some cases, you can file a formal complaint against a lender that could result in government action. You may also be able to recoup fees or other charges you were assessed due to fraud.

Consider the following resources to remedy your situation if a South Carolina lender has you concerned:

File a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB says that, when you file a complaint with their portal, you typically receive a response from the company within 15 days.

File a consumer complaint with the Federal Reserve. This complaint form lets you instantly file a complaint against a financial institution. 

File a complaint with your state regulators. You can also file a complaint against a loan company in the state of South Carolina. Visit the South Carolina Department of Consumer Affairs to begin the process.

Personal Loan Alternatives in South Carolina 

If you need funding in South Carolina but you're not sure you want to take out a personal loan, there are other options to consider. Some come in the form of loan alternatives, but there are also funding sources available for South Carolina residents who are struggling.

• Borrow against your car. It's possible to borrow money against the value of your car if you own it outright and you have a clean title. This borrowing option can come with high fees and interest rates, but it may be worth considering when other options don't work.
• Consider a credit card. Credit cards give you a line of credit you can use for purchases, but they come with high interest rates that can make borrowing costly over the long run.
• Tap into home equity. If you have considerable equity in a home you own, you can consider accessing cash you need with a home equity loan or home equity line of credit (HELOC). These borrowing options tend to be affordable, but you'll have to put up your home as collateral.
• Seek financial assistance when you need it. Finally, seek out help if you are financially strapped. For example, SC Housing offers assistance with rent and utilities, although the program is currently on a waitlist. The state also offers several energy payment assistance programs.

Conclusion

If you've been searching for loans in South Carolina and you haven't found the right lender yet, we feel confident the loan companies in South Carolina that made this ranking could work for your needs. That said, you should take the time to check your rate and compare other loan terms with at least two of the lenders on our list before you commit. 

Ideally, you'll settle on a South Carolina loan with a low interest rate, no fees (or low fees), and a monthly payment you can easily afford.