Best Personal Loans in South Carolina for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loans , potential red flags include high APRs, lack of transparency about the loan originator and its federal insurance status and negative consumer reviews. Additionally, be wary of applications that do not verify identity or income.

With a MoneyGeek score of 98, First Tech offers the best personal loans in South Carolina, boasting excellent customer service, top-notch interest rates and considerable loan flexibility.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Benjamar Gabawa

Updated: November 27, 2024

Advertising & Editorial Disclosure

MoneyGeek's analysis examined each lender's reputation, annual percentage rate (APR) ranges, credit score requirements and loan term flexibility to rate South Carolina personal loan lenders. Our top pick, First Tech, has a MoneyGeek score of 98 out of 100. It shines with outstanding customer service and low fees. PenFed, our second-best lender, has a MoneyGeek score of 96 out of 10. It is recognized for flexible payments and emphasizes borrower support.

In South Carolina, the average credit score is 699, and having a credit score near this average means you can potentially get loans with favorable terms. Lenders also assess your income history and debt-to-income ratio when obtaining a loan.

Best PersonalLoan LendersSouth Carolina

2024

Best Personal Loan Lenders in South Carolina

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

We completed our analysis of banks and lenders licensed to do business in South Carolina as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Personal Loan Lender in South Carolina

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

MoneyGeek recommends First Tech as the best personal loan lender in South Carolina, with a MoneyGeek score of 98 out of 100. Offering an APR ranging from 8.94% to 18.00%, First Tech's rates are notably lower compared to other lenders — optimal for borrowers seeking cost-effective options. Its repayment terms span six to 84 months, flexible enough to accommodate various financial plans. Excelling in customer service and education, as well as in interest rates and fees, First Tech ensures clear, upfront information and a broad spectrum of educational resources.

Pros

Insured by the National Credit Union Administration (NCUA)
Lots of educational resources available for consumers
In-person appointments available in certain states (CA, CO, GA, ID, MA, OR, TX, WA)

Cons

Need to be a member to apply
Could provide more detail on the loan application process
Little published information about credit score requirements

Runner-Up for Best Personal Loan Lender in South Carolina

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed Credit Union is MoneyGeek's runner-up for the best lender for personal loans in South Carolina, with a MoneyGeek score of 96 out of 100. Offering an APR range of 7.99% to 17.99%, this financial institution's average rate is competitive, and its repayment terms are more favorable than many, with loans up to 60 months. Excelling in reputation and transparency, as well as rates and fees, PenFed provides customers with clear upfront information and affordable loan products.

Pros

Offers some of the lowest APRs available
No early repayment penalty
No origination fee

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment
Only available in 21 states

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 24, 2024

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Best Personal Loan Lender in South Carolina for Bad Credit

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

With a MoneyGeek score of 94 out of 100, Happy Money is MoneyGeek's pick for the best personal loan provider for borrowers with low credit in South Carolina. Partnering with 10 federally insured financial institutions to originate installment loans, this provider stands out, especially for those with a minimum credit score of 640. Its APR range, from 11.72% to 17.99%, is competitive. Noteworthy strengths include an exceptionally transparent approach, allowing customers to comprehend its processes, rates and loan terms readily, and a consumer-friendly application process, which is streamlined and user-oriented.

Pros

Works with 10 federally insured lenders to originate all loans
Transparent eligibility requirements, including credit score minimum
No application fee

Cons

The lenders they work with charge an origination fee
Longer time to wait for loan approval compared to other lenders analyzed

How Does MoneyGeek Score Lenders for Bad Credit Loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

It's still possible to get a personal loan if you have lower credit than this, but you will not have access to the best interest rates and terms available. Some lenders allow prequalification, which doesn't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender in South Carolina for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

Alliant Credit Union is MoneyGeek's pick for the best personal loan provider for debt consolidation in South Carolina. Alliant operates entirely online, and applicants must maintain membership for 90 days to qualify for a loan. With a MoneyGeek score of 96 out of 100, Alliant offers competitive APRs from 10.99% to 13.99%, which are on the lower end when compared to other providers analyzed. Notably, Alliant excels in providing transparent and upfront information to consumers and offering competitive rates and fees, enhancing the customer borrowing experience.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
No prepayment penalties

Cons

An online-only credit union, no physical branches
Have to be a member for 90 days to apply

How Does MoneyGeek Score Lenders for Debt Consolidation?

We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in South Carolina

As you consider a personal loan in South Carolina, remember that lenders assess your creditworthiness, particularly your credit score, credit history and debt-to-income ratio. This is how they determine your loan terms, including your APR. Enhancing your credit score before applying for a loan is critical, as a higher credit score can significantly improve your loan terms.

Refer to the accompanying table to see how different credit scores may affect your monthly loan payments.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

SEE THE BEST PERSONAL LOANS IN CITIES IN SOUTH CAROLINA

Pros and Cons of Personal Loans in South Carolina

Personal loans offer many advantages, such as lower interest rates than credit cards, the ability to consolidate multiple debts into a single payment and the versatility to cover various expenses, from unexpected costs to home improvements. However, it's important to know the potential drawbacks, like origination fees or prepayment penalties.

Consider the full spectrum of factors before proceeding for a balanced view on personal loan benefits and drawbacks.

THE PROS AND CONS OF PERSONAL LOANS

Competitive interest rates for eligible applicants
Consolidation of high-interest debt into one manageable payment
Rapid fund disbursement for timely financial needs
Potential for improved loan terms with a qualified co-signer

Higher overall cost due to origination fees
Prepayment penalties discouraging early loan payoff
Risk of collateral loss associated with a secured personal loan
Potential for accumulating excessive debt due to easy approval processes

FAQ About Personal Loans in South Carolina

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in South Carolina for personal loans?

According to MoneyGeek's analysis, First Tech is the best lender in South Carolina for personal loans, with a MoneyGeek score of 98 and an APR of around 13.5%.

Where is the best place to get a personal loan in South Carolina?

The best places to get a personal loan in South Carolina are online lenders, banks and credit unions. For those preferring in-person services, local credit unions such as South Carolina Federal Credit Union, South Carolina State Credit Union and SPC Credit Union offer personal loans.

Who has the best personal loan interest rates in South Carolina?

PenFed offers some of the lowest personal loan interest rates in South Carolina, starting at 7.99% according to MoneyGeek's analysis. However, the best rates for an individual may vary based on their needs and financial circumstances, and obtaining a low rate usually requires an excellent credit score.

What can I use a personal loan for in South Carolina?

In South Carolina, you can generally use personal loans for a variety of needs such as emergency circumstances, vacation or travel, and home or auto repair. However, they typically can't be used for college tuition or illegal activity, as these are restrictions by lenders.

What are some personal loan red flags to look out for?

When considering personal loans, potential red flags include high APRs, lack of transparency about the loan originator and its federal insurance status and negative consumer reviews. Additionally, be wary of applications that do not verify identity or income.

Do lenders consider income level when applying for a personal loan?

Yes, income level is considered by lenders along with other factors such as debt-to-income ratio, employment history and credit report. It's important to manage new credit lines carefully as they can affect your eligibility for a personal loan.

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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 October 15, 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.