Best Personal Loans in South Carolina
We have found 112 personal loans in South Carolina. Compare and choose the best loan for your purpose.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Personal Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.
Marcus does not charge origination, late payment and check processing fees.
- Minimum credit:Poor (300-579)
- Origination fee:10%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment penalty
- Next day funding
- Cons:
- Origination Fee
- Extra Fees
Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.
The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).
Borrowers need credit scores of 580 or higher.
Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 0% to 8%.
- Minimum credit:Good (670-739)
- Origination fee:5%
- Funds available in:3-6 business days.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment or late fees
- Free monthly FICO score updates
- Cons:
- Co-signers are not accepted
- Origination Fee
- Slow funding
- Not available in all states
The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.
The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.
- Minimum credit:Poor (300-579)
- Origination fee:3 - 6%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Quick, easy online application
- Fast funding
- Cons:
- Origination fee
LendingClub offers loans of $1,000 to $40,000.
The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.
LendingClub charges an origination fee of 3% to 6% on personal loans.
- Minimum credit:Good (670-739)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Rate discount for autopay
- No Fees
- Cons:
- Not available to residents of Mississippi
- No secured loan option
SoFi loans range between $5,000 to $100,000.
The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.
The loan is not available in Mississippi.
SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.
- Minimum credit:Poor (300-579)
- Origination fee:4.75%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Low minimum credit score requirements
- No prepayment fees
- Cons:
- Fees
- No Autopay discount
- No Cosigner Option
Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.
Avant charges an origination fee up to 4.75%.
Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.
- Minimum credit:Fair (580-669)
- Origination fee:2.41 - 5%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Simple application process
- Cons:
- Origination fee
- Extra Fees
- No Autopay Discount
- Not available in all states
Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.
If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.
- Minimum credit:Good (670-739)
- Origination fee:0.99 - 8.99%
- Funds available in:1-3 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval
- Low fixed rates
- Fast funding
- Cons:
- Fee charged
Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
Best Egg origination fees vary from 0.99% to 8.99%.
The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).
- Minimum credit:Poor (300-579)
- Origination fee:$25 - $500
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Secured and unsecured options
- Poor-credit applicants considered
- Cons:
- Origination fee
- Extra Fees
- High Rates
OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.
You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.
OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.
The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.
TOP 5 banks offering personal loans in South Carolina
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How to choose the best personal loan in South Carolina?
When choosing the ideal personal loan in South Carolina, it's crucial to take into account various factors that match your financial requirements. To aid you in making an informed decision, here are some strategies to help you compare and select the most suitable loan option:
Annual Percentage Rates
The APR provides a comprehensive view of the overall cost of a loan, encompassing both the interest rate and any applicable fees. By comparing APRs, you can make an accurate assessment of which loan will result in higher costs over the long term. In South Carolina, the typical APR range is between 4.49% to 36%.
Loan Amount
Conduct thorough research on loan amount options and choose a lender that offers a loan size that suits your needs. In South Carolina, you can find loans ranging from $100 to $500,000. Certain lenders may also provide the flexibility to withdraw funds incrementally, enabling you to pay interest only on the amount you utilize.
Monthly Payments
It is very important that the monthly personal loan payment amount fits into your budget. You need to meet your normal financial obligations while paying off the loan and the interest associated with it. By carefully analyzing your budget and making sure that your monthly payment is acceptable, you will be able to maintain financial stability and successfully meet your loan obligations.
Credit Requirements
While lenders generally favor borrowers with good to excellent credit scores (typically 670 or higher), there are lenders who are willing to consider individuals with poor to fair credit. It's important to note that having a high credit score does not guarantee a lower interest rate, but it does enhance your chances of getting approved for a loan. In South Carolina, the minimum acceptable credit score is Poor (300 - 579).
Collateral
While most personal loans are unsecured and do not require collateral, some loans may have collateral requirements. Secured loans typically offer lower interest rates since the lender assumes less risk with collateral involved. On the other hand, unsecured loans usually have higher interest rates. If you have concerns about high interest rates, which can reach 36% in South Carolina, a secured personal loan might be a viable option.
Origination Fee
Many lenders charge origination fees, in addition to interest charges, to cover processing costs. These fees are typically a percentage of the total loan amount, with the usual range being 0.5% to 1%. However, specific amounts may vary among lenders. Choosing a personal loan with low processing fees can result in long-term savings.
Compare the best personal loans in South Carolina
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Avant | 9.95 - 35.95% | $2,000 - $35,000 | 1 - 5 years | 4.75% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Tips for increasing your personal loan approval odds in South Carolina
- Improve Your Credit Score. The most effective way to increase your chances of loan approval is to work on improving your credit score. Focus on making timely debt payments, maintaining a low credit utilization ratio, avoiding excessive credit applications, and disputing any errors in your credit report.
- Increase Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Boosting your income, whether through a raise at your current job or taking on a part-time job, improves this ratio and enhances your approval chances.
- Minimize Debt. Avoid taking on new debt while applying for a personal loan. Lenders view existing debt as a risk factor, so reducing your current debt and avoiding new obligations strengthens your application.
- Set Realistic Loan Amounts. Lenders may be cautious about approving large loan amounts due to increased risk. In South Carolina, the maximum loan amount available is $500,000, but securing this amount can be challenging. Applying for smaller loan amounts improves your chances of approval. Determine your precise funding needs and request the minimum amount required, as the minimum loan amount offered by lenders in South Carolina is $100.
- Consider a Joint Applicant. Exploring the option of a joint applicant or co-signer can boost your loan approval odds. Lenders assess the credit scores and incomes of both applicants, potentially strengthening your application. Ensure that you choose a reliable joint applicant or co-signer, as your financial obligations will be interconnected.
Conclusion
To improve your chances of getting a personal loan in South Carolina, it is essential to be well-prepared and take proactive steps. By following the strategies and tips mentioned earlier, you can greatly increase your chances of loan approval.