Best Debt Consolidation Loans in South Carolina 2024

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Updated: November 19, 2024

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Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. They help streamline and pay off debts you currently owe, like credit card or student loan debt, at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 26 lenders and found PenFed to be the top choice for debt consolidation loans in South Carolina, with a MoneyGeek score of 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like South Carolina Federal Credit Union and South Carolina State Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in South Carolina

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in South Carolina

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is the best debt consolidation loan lender in South Carolina, with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

PenFed offers an APR range of 8.99% to 17.99%, which can help borrowers secure affordable rates. Its loan amount of up to $50,000 provides flexibility for various debt consolidation needs. Additionally, the quick fund disbursement time of one to two business days ensures that borrowers can address their financial obligations promptly.

Runner-Up for Best Debt Consolidation Loan in South Carolina

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
96/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in South Carolina, with a MoneyGeek score of 96 out of 100. Its low APR, starting from 10.49%, can help you save on interest payments over time.

Alliant Credit Union's high loan amounts, ranging from $1,000 to $100,000, allow you to consolidate multiple debts into one manageable payment. Flexible repayment terms ranging from 12 to 60 months give you the freedom to choose a plan that fits your budget.

Best Debt Consolidation Loan in South Carolina for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in South Carolina for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR ranges from 7.49% to 24.99%, and it provides flexible repayment terms from 12 to 84 months. Borrowers can choose a repayment term that fits their budget, making it easier to manage monthly payments.

Wells Fargo has no origination fees, which means borrowers can save money upfront. It also offers rate discounts, further reducing the cost of borrowing. This can be particularly beneficial for those consolidating multiple debts into one loan, as it helps lower the overall interest paid over time. With the ability to receive funds in one to three business days, borrowers can quickly address their financial needs.

Best Debt Consolidation Loan in South Carolina for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in South Carolina for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100.

PNC offers loans ranging from $1,000 to $35,000 with repayment terms of six to 60 months. Borrowers can benefit from its flexible repayment terms, allowing them to choose a plan that fits their budget. PNC's quick fund disbursement means you can receive funds within three business days, helping you promptly consolidate your debts.

Best Debt Consolidation Loan in South Carolina for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in South Carolina for borrowers who need funds quickly. It has a MoneyGeek score of 95 out of 100. Borrowers can receive funds the same day, making it an excellent option for urgent financial needs.

Rocket Loans' fast approval process can benefit borrowers who must quickly consolidate multiple high-interest debts to avoid further interest accumulation. Its flexible loan terms allow borrowers to choose between 36 or 60 months for repayment, which can help manage monthly payments more effectively.

Should You Get a Loan to Consolidate Debt in South Carolina?

Using a debt consolidation loan in South Carolina can simplify your finances by merging multiple payments into one. However, it's not always the best option. For example, it might not make sense if the interest rate on the new loan is higher than your current debts. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can get you better terms on a debt consolidation loan in South Carolina, affecting your interest rates and monthly payments.

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    High-Interest Debt

    If you have high-interest debt, a debt consolidation loan in South Carolina can lower the interest rates you're paying. For example, it can reduce a 20% APR to 10%.

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    Multiple Payments

    A debt consolidation loan in South Carolina makes managing multiple monthly payments easier. One monthly payment is simpler than juggling several.

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    Lower Monthly Payments

    A debt consolidation loan in South Carolina can help you achieve lower monthly payments, easing your financial burden.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your debt-to-income (DTI) ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in South Carolina is a better strategy.

How to Get a Debt Consolidation Loan in South Carolina

The average personal loan debt in South Carolina is $93,167 per year, compared to the overall average debt of $104,215 in the U.S. In South Carolina, the average monthly debt is $7,764.

Using a personal loan to consolidate debt in South Carolina can help simplify your payments and potentially lower your interest rates. Going into the process uninformed can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2
    Compare loan terms from lenders

    Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan to consolidate debts. Look at APRs, loan limits and how soon you can receive the funds.

  3. 3
    Check for extra benefits

    Some lenders offer added features that benefit you long-term. For example, Alliant Credit Union and Lightstream in South Carolina offer rate discounts, which can save you money.

  4. 4
    Watch out for fees and penalties

    Some lender features can be drawbacks. For example, Achieve in South Carolina charges an origination fee, and OneMain Financial charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps you gauge your eligibility without affecting your credit score. It involves a soft credit check, giving you an idea of loan terms you might qualify for.

  6. 6
    Complete your loan application

    Complete your loan application by preparing the necessary documents like proof of income and identification. This makes the process faster and smoother.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN SOUTH CAROLINA

Lenders might deny your loan application due to poor credit scores or high debt-to-income ratios. Before applying for a debt consolidation loan in South Carolina, check your credit reports and work on improving your credit score.

You can also consider contacting some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This allows you to transfer high-interest debt and pay it off without interest for a set period, potentially saving you money and helping you get back on track.

Local Lenders for Debt Consolidation Loans in South Carolina

People opt for debt consolidation to secure lower interest rates, which can significantly reduce the total cost of their debt. Note that the average APRs you can qualify for vary between cities. For example, in Greenville, the average APR is 10.8%, while in Columbia, it's 12.0%.

You can also consider other local lenders to find the best debt consolidation loan in South Carolina. Below is a table of local lenders to help you get started.

SC State Federal Credit UnionColumbia11.74% to 17.99%UndisclosedFrom $20098
Greenville Heritage Federal Credit UnionGreenvilleFrom 8.95%Up to 42 monthsUp to $15,00097
AllSouth Federal Credit UnionColumbia10.90% to 17.90%6 to 60 monthsUp to $15,00096
Greenville Federal Credit UnionGreenvilleFrom 11.99% UndisclosedUndisclosed93
MTC Federal Credit UnionGreenvilleFrom 10.45%Up to 60 monthsUndisclosed91

FAQ: Debt Consolidation Loans in South Carolina

MoneyGeek addresses common questions about debt consolidation loans in South Carolina.

What is a debt consolidation loan in South Carolina?
What's the best debt consolidation loan lender in South Carolina?
Can I get a debt consolidation loan in South Carolina if I have bad credit?
Can a credit counseling agency in South Carolina help manage debt?
When should I get a debt consolidation loan in South Carolina?

MoneyGeek analyzed 26 national lenders licensed to do business in South Carolina based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

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We conducted our analysis in September 2024.

26Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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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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.

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