You can get a loan in South Carolina from SoFi, LightStream and Payoff, among other banks, credit unions and online lenders. Some of the most important things to consider when applying for a personal loan in South Carolina include the loan's APR, origination fee, funding amount, payoff period and approval timeline.
Getting a loan in South Carolina isn't much different from getting a loan in any other state because all of the best lenders nationally are available in South Carolina. Below, you can see more details about how they stack up against one another.
A personal loan isn't the only type of loan you can get in South Carolina. You can also get a mortgage, an auto loan or a home equity loan, for example. You can compare all of these different types of loans on WalletHub.
To get a loan quickly, apply online with a personal loan provider that is known for fast approval and funding times, such as LightStream. Applying online will ensure the fastest possible application processing time, assuming that all information on the application is accurate and entered correctly. You could get your loan funded within 2-3 business days, if not the same day.… read full answer
Secured personal loans also tend to provide quick decisions, as the collateral they require greatly reduces the lender’s risk. Even people with bad credit can get approved relatively easily. Other ways to get a quick loan include borrowing from a family member or friend, using a credit card or tapping into home equity. There are also some non-ideal options, such as payday lenders, auto title lenders and pawnshops.
How to get a quick loan
1. Apply for one of the quickest personal loans. The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. Many other lenders offer funding within 2 - 3 business days. For the fastest timeline, pre-qualify first, apply online, and fill out the application accurately.
2. Apply for a secured personal loan.Secured personal loans require collateral for approval. This ensures that the lender can still recoup its money even if the borrower is unable to repay what they owe. This makes the approval decision easier for the lender.
3. Borrow from family/friends. If you ask a family member or friend to borrow money, it’s possible you could get it pretty much instantly, since they won’t be performing a credit check or making you fill out an application. You should still take time to write down and sign a loan agreement, though.
4. Use a credit card. If you have a credit card, you may be able to charge your expenses if they add up to less than the card’s credit limit. But credit card APRs are expensive, around 19% on average for new offers and around 15% for all existing accounts.
You could also withdraw cash against the card’s credit limit at an ATM, as long as you have a PIN. However, cash advances come with high fees and start accruing interest immediately, so they’re not ideal.
5. Use a HELOC. It takes weeks to get approved for a home equity line of credit, so normally they’re not a quick way to get money. However, if you already have one open, you can use it to get a quick loan any time during its draw period. Keep in mind that a HELOC is secured by your house, so if you can’t pay, the lender can foreclose.
There are a few things you should definitely avoid when trying to get a loan quickly. Don’t go to payday lenders, which lend a small amount of money until your next paycheck comes in. They charge sky-high fees (often a 400%+ APR). Auto title lenders are bad, too, as they charge high fees (up to a quarter of what you borrow) and use your car as collateral. Similarly, avoid pawnshops, as they charge up to 25% interest per month and can keep your items if you’re unable to buy the loan back.
Major personal loan requirements include being at least 18 years old, having a bank account, having a good credit history, and having enough income or assets to afford monthly loan payments. Specific personal loan requirements vary by lender, however. Avant requires a credit score of 600 or higher, for example, while … read full answerProsper sets the bar at 640 and SoFi asks for 680. Most lenders don’t disclose annual income requirements, but two exceptions are LendingPoint ($20,000+) and Citibank ($10,500+).
Some personal loans may have additional requirements, such as collateral to secure the loan. Lenders will also look at plenty of other factors when you apply, including your existing debt, employment status and housing payments.
Personal Loan Requirements
18+ Years Old
A loan is a binding contract, and most states won’t let you enter into a binding contract unless you are at least 18. Lenders generally do not offer loans to minors as a result.
SSN and U.S. Residency
Many (but not all) lenders will only make loans to U.S. citizens and permanent residents. You may be required to have a Social Security number. Some lenders allow applicants to use an Individual Taxpayer Identification Number or a Visa instead.
Lenders usually send the funds as a direct deposit to a bank account. Certain types of loans, such as ones where you provide collateral, may not require you to have a bank account. But most loans will.
Lenders need to be confident that you will repay the loan. So you will need to demonstrate that you have a source of income and/or significant assets. Lenders don’t generally disclose minimum income requirements, but you must be able to manage your monthly payments in addition to any other debts/expenses you have.
Credit Score of 585-700+
Lenders require applicants to meet a certain credit score threshold for approval. The most popular lenders usually require a credit score of at least 585 to 700. However, these requirements aren’t set in stone. Having a high income might help make up for a low credit score, and vice versa.
Reasonable Financial Obligations
If the lender determines that you already owe too much money relative to your income and assets (i.e. the amount you can afford to pay back), you probably won’t qualify. Lenders will also consider monthly expenses like housing payments that will decrease the amount of money you can put toward repaying a loan.
It’s not impossible to get a loan if you don’t have a job. But if you’re unemployed you’ll need a strong alternative source of income, such as a pension, government benefits or investments.
Overall, good credit and disposable income are the two most important personal loan requirements. You can check your latest credit score for free as well as compare personal loans based on their minimum credit score requirements on WalletHub. Lenders will be able to provide more detailed information about other requirements.
Although each lender is a bit different, the basics of the application and approval processes are pretty much the same. You can take the same general approach to maximize your odds of success, too.
Personal loan applications require several key pieces of personal information, including your name, SSN/ITIN, address and date of birth, along with financial information such as your yearly income and monthly mortgage/rent payments. It usually takes less than 7 business days to get a decision and to receive your money if you’re approved.
The best place to get a small personal loan is from Discover. Personal loans from Discover have the perfect combination of small loan amounts, low APRs and no origination fees. You can borrow as little as $2,500, and the APRs range from 6.99% to 24.99%, depending on your credit. Applicants generally receive a decision within 3 business days and funding 1 - 7 business days after that. You’ll need a 660 credit score for approval, according to third-party sources.… read full answer
Other good banks where you can get fee-free, low-cost small personal loans include Citibank, PNC and TD Bank. Or, if you have bad credit, consider Avant. Avant offers loans as low as $2,000, but they have an origination fee of up to 4.75% and APRs of 9.95% to 35.99%. Their minimum credit score is 600.
Local credit unions are another good option. That’s especially true if you’re looking for a loan below $1,000, as credit unions tend to be more willing to lend small amounts of money. And even people with bad credit may be able to get a small unsecured personal loan from a credit union. However, you will need to be a member.
You should be able to join a credit union where you live for free. Alternatively, several credit unions, such as Alliant, Connexus and PenFed, offer membership to anyone in the U.S. who makes a small donation to join, assuming they don’t already qualify for free membership.
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