South Carolina is a city that is filled with Charleston’s charm and Hilton Head’s serenity. But even in this picturesque state, financial setbacks can occur unexpectedly; maybe a medical bill caught you or a car repair after a rainy day. Unfortunately, the not-so-beautiful truth is South Carolina faces a higher percentage of residents with credit scores below 670 compared to the national average, as per Business Insider. Personal loans for bad credit in South Carolina can provide much-needed relief in such situations.
But don’t worry! Personal loans for bad credit can serve as a lifeline in South Carolina. This guide walks you through the best personal loans in South Carolina, which will help you find the perfect solution.
12 Top Personal Loans for Bad Credit in South Carolina
South Carolina residents with bad credit, rejoice! Financial hurdles don’t have to hold you back. Let’s explore these top 12 personal loan options to help you get the funding you need, even with a less-than-perfect credit history.
Beem
Let’s start with Beem, a reliable option for individuals with bad credit. Beem is a lending marketplace that offers competitive rates and flexible terms, catering specifically to teachers and other borrowers. They offer loans ranging from $500 to $100,000, accommodating various financial needs. With a no-limit minimum credit score requirement, Beem allows individuals with less-than-ideal credit to access funds. There are no APR or repayment terms associated with Beem.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| No APR | 4 – 144 months | – Instant cash without credit history checks- No fixed repayment deadlines- Immediate approval | – Beem is not direct lender | $500 to $100,000 |
Avant
Avant, a trusted lender, offers personal loans in South Carolina. They stand out for quick access to funds, with next-day funding available in many cases. This immediate availability of funds can be a significant advantage for individuals with urgent financial needs. Avant also caters to various financial needs, with loan amounts ranging from $2,000 to $35,000. Despite charging an administration fee of up to 4.75%, Avant’s loans come with flexible repayment terms, ranging from 12 to 60 months.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 9.95%–35.99% | 12–60 months | – Doesn’t charge a prepayment penalty.- Flexible repayment terms from 12 to 60 months.- Offers next-day funding. | – Charges an administration fee of up to 4.75%.- Has late fees and dishonored payment fees.- Doesn’t allow co-signers or joint applications. | $2,000 to $35,000 |
Prosper
Prosper is a peer-to-peer lending platform that provides personal loans ranging from $2,000 to $40,000. Unlike many other online lenders, Prosper offers accessible borrower qualifications. However, borrowers may encounter high rates, reaching up to 36%, and pay origination fees ranging from 2.41% to 5%. Prosper’s prequalification tool allows prospective borrowers to check their eligibility without affecting their credit scores.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 8.99% to 35.99% | 24 to 60 months | – Flexible loan amounts- Accessible minimum credit score- Funding in as few as three days after applying | – Charges origination fees and late fees- Only available for three- and five-year terms- High maximum APR | $2,000 to $50,000 |
Achieve
Achieve is an online lender offering personal loans to individuals with bad credit in South Carolina. They provide loans ranging from $5,000 to $50,000, with more relaxed qualification requirements than many other lenders. Achieve offers rate discounts for borrowers who are consolidating third-party debt directly through them. APRs start at approximately 8%, with an origination fee ranging from 1.99% to 6.99% of the total loan amount. Achieve is suitable for those seeking flexible loan terms and the option to apply with a co-borrower.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 8.99%–35.99% | 24–60 months | – Pre-qualification available.- Loan discounts offered.- Can apply with a co-borrower.- Lower APRs than some comparable lenders. | – Funds can take up to 72 hours to arrive after approval.- Origination fees apply.- Minimum borrowing amount may be high for some. | $5,000 to $50,000 |
Happy Money
Happy Money specializes in personal loans for debt consolidation, making it an ideal option for individuals with poor credit scores. With a minimum credit score requirement 550, borrowers can apply for amounts ranging from $5,000 to $40,000. Happy Money offers competitive APR rates, ranging from 11.72% to 17.99%, with loan terms spanning 24 to 60 months.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 11.72%–17.99% | 24–60 months | – Peer-to-peer lending platform enables checking multiple offers.- Loan approval includes Happy Money membership and customer support.- No early payoff or late fees.- Fast and easy application process. | – Only offers loans for debt consolidation.- Charges an origination fee- No co-signers or co-borrowers allowed. | $5,000 to $40,000 |
LightStream
LightStream is a consumer lender offering unsecured personal loans for various purposes. They don’t charge origination, late payment, or prepayment fees and provide rate discounts for borrowers who enroll in autopay. Loans range from $5,000 to $100,000, with terms spanning two to 12 years, depending on the loan purpose. LightStream is an excellent option for applicants with good to excellent credit history, as they require a minimum credit score of 660.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 7.49–24.99% | 2–12 years | – No origination, prepayment, or late fees.- Low, competitive rates.- Fast approval and funding. | – No prequalification.- No due date flexibility.- Limitations on the use of loan proceeds. | $5,000 to $100,000 |
Upgrade
Upgrade is known for being a fair lender with a lower minimum credit score requirement, a high borrowing limit, and longer loan terms than some other lenders. They offer access to free credit score monitoring, educational tools, and personalized recommendations to help you manage your credit better. Upgrade requires a minimum credit score 560 and offers automatic payments that can customize due dates, accessible through their online platform or mobile app. There are no prepayment penalties.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 8.49–35.99% | 24–84 months | – Opportunities for APR discounts.- Secured loans and joint applicants make loans more accessible.- Quick loan disbursement. | – Loans have an origination fee.- Not a direct lender. | $1,000 – $50,000 |
Best Egg
Best Egg offers quick access to funds, potentially depositing money into your account within one business day. They don’t penalize you for paying off your loan early, and origination fees range from 0.99% to 6.99% of the funded loan amount. However, self-employed individuals are ineligible, and a minimum credit score of 600 is required.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 8.99–35.99% | 3 & 5 years | – Option to pre-qualify with a soft credit check.- Unsecured and secured loan options.- Direct payment to creditors with debt consolidation loans.- No late fees. | – Origination fee.- No rate discounts.- No option to choose the initial payment date.- No mobile app to manage loan. | $2,000-$50,000 |
Reprise Financial
Reprise Financial offers a straightforward application process, with loan offers available within seconds and no prepayment penalties. You could receive up to $25,000 as soon as tomorrow. Whether you want to consolidate debt, lower monthly payments, or obtain cash for various purposes, Reprise Financial provides fixed rates and unambiguous terms.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 9.99–36% | 36–60 months | – Fast funding.- Strong customer reviews.- Doesn’t require perfect credit. | – Self-employed individuals not eligible.- Loan details not disclosed.- Maximum loan amount lower than some lenders offer. | $2,500–$25,000 |
Universal Credit
Universal Credit offers fixed rates and payments with a precise payoff date. You can expect fast funding, with money deposited into your bank account within a day of clearing verifications. They provide automatic payments and the option to customize your due date, with easy account management online or via their mobile app. Universal Credit offers free credit score monitoring, educational tools, and personalized recommendations to help you better understand and manage your credit.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 11.69–35.99% | 2–7 years | – Flexible qualification requirements.- Next-day funding.- No prepayment penalty. | – High APRs.- All personal loans charge a 5.25% to 9.99% origination fee. | $1,000 to $50,000 |
OneMain Financial
OneMain Financial has been a trusted lender for over a century, providing loans to individuals with poor credit ratings. They operate branches in 44 states, offering loan amounts ranging from $1,500 to $20,000, though some states have specific limits. However, their interest rates start from 18%, which is relatively high.
| APR Rate | Loan Term Duration | Pros | Cons | Loan Amount Range |
| 18.00%–35.99% | 2–5 years | – Designed for low credit borrowers.- Offers secured options.- Considers entire credit and income history, not just credit score. | – Limits loans to $20,000.- Can’t be used for business purposes.- High APRs. | $1,500 to $20,000 |
Read Related Blog: $50000 Personal Loan
Conclusion
In conclusion, even with bad credit, you have options for personal loans in South Carolina to fulfill your needs for funds. By following lenders’ availability and researching better ones, you can find a loan that helps you achieve your financial goals for less-than-perfect credit.
One aspect you should remember is that borrowing responsibly is critical. If you need assistance, consider exploring Beem loans, offered by various lenders tailored for bad credit and the perfect ally for achieving your financial goals. Good luck!
FAQs
How do bad credit installment loans in Carolina work?
These loans are repaid in fixed monthly installments over a set term. Lenders may consider factors beyond credit score but expect higher interest rates.
What is the best personal loan lender for bad credit in Carolina (North or South)?
There’s no single “best” lender. It depends on your needs and creditworthiness. Research and compare APRs, loan amounts, and fees across multiple lenders.
Which lender in Carolina (North or South) has the lowest minimum credit score requirement for personal loans?
Credit score requirements vary by lender. Some lenders in Carolina may offer personal loans to borrowers with credit scores below 600 but expect higher interest rates. Using a Beem personal loan option, you can compare and find the lowest minimum credit score requirement for personal loans.
