Best Loans for Bad Credit in South Carolina for 2024

Happy Money offers the best loans for bad credit in South Carolina, with a MoneyGeek score of 94 out of 100. It is recognized for its transparency, customer service and smooth application process.

Updated: November 21, 2024

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Happy Money is the best personal loan lender for bad credit in South Carolina, with a MoneyGeek score of 94 out of 100. It stands out for its credible and transparent practices, quality customer service, and quick application and approval process. As the runner-up, Avant receives a MoneyGeek score of 92 out of 100 and is recognized for its exceptional loan terms and flexibility, swift application and approval process, and strong customer service.

To find the best options for consumers with bad credit, MoneyGeek reviewed four personal loan lenders in South Carolina that set and disclosed their minimum credit score requirements between 580 and 640. While the best and runner-up lenders are notable for their features, potential borrowers may also consider South Carolina Federal Credit Union, South Carolina State Credit Union and SPC Credit Union for local services that could meet their needs.

Best Bad CreditLendersSouth Carolina

2024

Best Bad Credit Loans in South Carolina

Best Overall - Happy Money

Runner-Up - Avant

MoneyGeek scored personal loan lenders in South Carolina that explicitly disclose their minimum credit score requirements on their websites to find the best personal loans for bad credit. Only 12% of lenders disclose this information.We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in South Carolina. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in South Carolina

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in South Carolina, with a MoneyGeek score of 94 out of 100. This fintech company partners with federally insured lenders by the National Credit Union Administration (NCUA) to originate loans. With a minimum credit score of 640, it offers loan amounts ranging from $5,000 to $40,000; funds are often available the next day. Happy Money directly pays creditors and offers flexible repayment terms. However, it exclusively provides loans for debt consolidation and charges an origination fee.

Pros

Doesn't charge late, early repayment, bounced check, failed ACH or other fees
Flexible repayment terms from 24 to 60 months
Lower maximum APR than competitors

Cons

Only offers loans for debt consolidation
Charges an origination fee
No co-signers or co-borrowers

Runner-Up for Best Bad Credit Loan Lender in South Carolina

Avant

92MoneyGeek Score
9.95% to 35.99%APR Range
580Minimum Credit Score
$2,000 to $35,000Loan Amount Range
12 to 60 monthsRepayment Terms

Avant is the runner-up for the best bad credit loan lender in South Carolina, with a MoneyGeek score of 92 out of 100. Avant works with WebBank, a state-chartered, member FDIC bank, to originate personal loans. It offers loan amounts ranging from $2,000 to $35,000 and requires a minimum credit score of 580, with the possibility of receiving funds as early as the next day. Avant does not charge a prepayment penalty and features flexible repayment terms from 12 to 60 months. However, it charges an administration fee of up to 9.99% and has late and dishonored payment fees.

Pros

Doesn't charge a prepayment penalty
Flexible repayment terms from 12 to 60 months
Offers next-day funding

Cons

Charges an administration fee of up to 4.75%
Has late fees and dishonored payment fees
Doesn't allow co-signers or joint applications

Calculate Your Monthly Loan Payment in South Carolina

In South Carolina, the average new account balance for personal loans is $5,293, as reported in TransUnion's Credit Industry Snapshot. A personal loan, typically an unsecured loan, is repaid in fixed monthly installments over a set period. The amount you pay each month will depend on the loan's interest rate, term and balance.

Accurately calculating your monthly payments is beneficial for individuals with bad credit to ensure affordability and avoid further financial strain. To estimate your loan payments, consider using MoneyGeek's personal loan calculator.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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Best Bad Credit Loans by Credit Score in South Carolina

South Carolina's average credit score of 699 is below the national average of 715, according to Experian data.

A bad credit score doesn't necessarily prevent you from obtaining a personal loan. Lenders in South Carolina may consider applicants with lower credit, though they often apply higher interest rates and offer less advantageous terms. Review the table provided to identify personal loan lenders in South Carolina that align with your credit score bracket.


Avant	580	9.95% to 35.99%	$2,000 to $35,000	12 to 60 months	Next Day	92
Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92
Happy Money	640	11.72% to 17.99%	$5,000 to $40,000	24 to 60 months	3 to 6 Business Days	94

What to Do if Your Loan Application Is Denied in South Carolina

It's not uncommon to face a personal loan application denial in South Carolina, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances of approval for future applications.

1
Find out the reason for the denial
If your loan application gets denied, it might be because of a poor credit score, a high debt-to-income ratio, low income or errors in your application. Review the lender's reasons to pinpoint areas for improvement and reduce the chances of future denials.
2
Modify your loan terms
Consider asking your lender to change the loan amount or repayment terms. Adjustments may help meet the lender's approval criteria.
3
Find another lender
Lenders have diverse criteria for loan approval. It's worth shopping around, considering different factors to identify the right lender for your financial situation and credit history.
- Eligibility requirements: Different lenders have unique requirements for credit scores, income levels, debt-to-income ratios and employment history. Familiarize yourself with these to find a lender that aligns with your financial profile.
- Interest rates: Seek lenders offering competitive interest rates, which is especially beneficial if you have a less favorable credit history.
- Additional fees: Some lenders may charge fees such as origination, late and prepayment fees. Be aware of these potential costs, which can add to your expenses, particularly with bad credit.
- Loan terms: Loan terms vary across lenders. Understand the impact of short vs. long repayment periods on your finances.
- Customer service and reputation: Evaluate the lender's customer assistance and overall reputation, which can influence your borrowing experience.
4
Look for alternatives
Besides personal loans, explore other options such as secured loans, credit builder loans or borrowing from friends and family, as these may offer more favorable conditions for individuals with bad credit.
5
Improve your credit score
Working on improving your credit score can increase the likelihood of loan approval in the future. Regularly pay bills on time, keep credit card balances low and avoid opening unnecessary new credit lines.

EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

— Alvin Yam, CFP

FAQ About Bad Credit Loans in South Carolina

When shopping for personal loans in South Carolina, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in South Carolina?

The best personal loan lender for bad credit in South Carolina is Happy Money, with a MoneyGeek score of 94 out of 100.

Which lender in South Carolina has the lowest APR rates for personal loans?

The lenders with the lowest starting APR for personal loans in South Carolina are Achieve and Prosper, offering rates as low as 8.99%. Typically, only borrowers with excellent credit will secure this rate.

Which lender in South Carolina has the lowest minimum credit score requirement for personal loans?

The lender with the lowest minimum credit score requirement for personal loans in South Carolina is Avant, with a minimum credit score of 580.

How to apply for a personal loan for bad credit in South Carolina?

When seeking a personal loan with bad credit in South Carolina, begin by reviewing your credit report to understand your financial standing. Look for lenders that specialize in bad credit loans, including online platforms, local credit unions and banks. Compare various loan offers by considering interest rates, repayment terms and fees. Complete the loan application accurately, whether online or in person, and provide any additional information requested by the lender.

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

The time it takes to get a bad credit loan in South Carolina will depend on the lender. Some lenders offer same-day funding, while others may take up to a week.

Can I pay off my personal loan early in South Carolina?

You can pay off your loan early in South Carolina. However, always check with your lender about potential prepayment penalties.

Is there a difference between personal loans and installment loans in South Carolina for bad credit?

In South Carolina, personal loans and installment loans for bad credit are similar, both entailing borrowing a specific amount and repaying it in regular, predetermined installments.

Best Personal Loans

Best Bad Credit Loans

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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sources

Experian. "What Is the Average Credit Score in the US?." Accessed April 10, 2024.
TransUnion. "Credit Industry Snapshot." Accessed April 10, 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.

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.