Best Personal Loans in South Carolina for 2024

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Updated: November 21, 2024

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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.

MoneyGeek Logo IconBest 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.

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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
    First Tech

    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
    PenFed
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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.

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Estimate the monthly payment for your loan.

Updated: Nov 21, 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
    Happy Money

How Does MoneyGeek Score Lenders for Bad Credit Loans?


    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
    Alliant Credit Union

How Does MoneyGeek Score Lenders for Debt Consolidation?

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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:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

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.

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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

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  • 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
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  • 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
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MORE ON SOUTH CAROLINA LOANS

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?
Where is the best place to get a personal loan in South Carolina?
Who has the best personal loan interest rates in South Carolina?
What can I use a personal loan for in South Carolina?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

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.

Read Full Bio »
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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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